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Principal Concepts in Henry George's Theory of Natural Law: A Brief Commentary on The Science of Political Economy
Author(s) -
PEDDLE FRANCIS K.
Publication year - 2012
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/j.1536-7150.2012.00841.x
Subject(s) - dualism , politics , stewardship (theology) , natural law , economics , power (physics) , economic justice , principal (computer security) , law , sociology , political science , law and economics , neoclassical economics , philosophy , epistemology , physics , quantum mechanics , computer science , operating system
A bstract George sees the obstruction of the interaction between the active and passive factors of production, between the human and the natural, or anything that exacerbates the dualism between us and nature, as contrary to the functioning of political economy. His deliberations on the nature of action and desire lead to his formulation of the fundamental law of political economy. This essay elaborates on the guiding principles of that law, examines its basis in light of Ciceronian versus descriptive economics, considers its ramifications for socio‐political institutions and economic reform, and addresses the question of social versus economic justice. The recognition of the power of economic rent in the distribution of income and wealth has once again made George's philosophy of economics a guide for reforms in public finance, the alleviation of poverty, and the long‐term stewardship of the environment.