02 - Understanding our Political Economy - rise of economics - part 2

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Lesson 2 - The Rise of Economics (Part 2)

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Understanding our Political Economy LESSON TWO The Rise of Economics – Part 2

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John Kenneth Galbraith

“In his time and even into the 1920s and 1930s, Henry George was the most widely read of American economic writers both at home and in Europe. He was, indeed, one of the most widely read of Americans.”:

“In his time and even into the 1920s and 1930s, Henry George was the most widely read of American economic writers both at home and in Europe. He was, indeed, one of the most widely read of Americans.” John Kenneth Galbraith. Economics in Perspective , 1987, p. 166

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Columbia University

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E.R.A. Seligman

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John Bates Clark

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Mason Gaffney

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Allen Eaton

“Professor Allen Eaton was fired from the University of Oregon for successfully pushing a series of characteristically [Henry] Georgist measures: municipal ownership of the Eugene waterworks; taxation of waterpower sites; direct election of U.S. Senators; keeping valuable State-owned timberlands from being given to Southern Pacific.”:

“Professor Allen Eaton was fired from the University of Oregon for successfully pushing a series of characteristically [Henry] Georgist measures: municipal ownership of the Eugene waterworks; taxation of waterpower sites; direct election of U.S. Senators; keeping valuable State-owned timberlands from being given to Southern Pacific.” Mason Gaffney. The Corruption of Economics , 1994, p. 51

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Neoclassical Economic Theory Factors of Production: Labor and Capital LAND

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RENT -- the return to the differential quality of land and/or its locational advantage

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Mason Gaffney

“[John Bates Clark] did not stop at subsuming land in capital. He also makes a great point that wages are rent, too. The policy implication is that wages would make a good tax base. Seligman carried this forward into the income tax, leading to the present tax system which raises much more from payrolls than property.”:

“[John Bates Clark] did not stop at subsuming land in capital. He also makes a great point that wages are rent, too. The policy implication is that wages would make a good tax base. Seligman carried this forward into the income tax, leading to the present tax system which raises much more from payrolls than property.” Mason Gaffney. The Corruption of Economics , 1994, p. 59

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C A P I T A L

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Johns Hopkins

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Richard Ely

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Frank H. Knight John D. Rockefeller

“Economics and other social sciences deal with knowledge and truth of a different category from that of the natural sciences, truth which is related to sense observation – and ultimately even to logic – in a very different way from that arrived at by the methodology of natural science. But it is still knowledge and reality.”:

“Economics and other social sciences deal with knowledge and truth of a different category from that of the natural sciences, truth which is related to sense observation – and ultimately even to logic – in a very different way from that arrived at by the methodology of natural science. But it is still knowledge and reality.”

“Pioneered by Ludwig Wittgenstein, it is a school of thought who main tenet is that knowledge can only be gained from facts and numbers: values and ethics and the way people behave are reflections of culture and are not subject to logic.”:

“Pioneered by Ludwig Wittgenstein, it is a school of thought who main tenet is that knowledge can only be gained from facts and numbers: values and ethics and the way people behave are reflections of culture and are not subject to logic.”

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Economics: Science or Something Else?

“The conclusions reached in economics may, in case they come to be widely understood, seriously affect the interests of various persons and classes. And if these classes are numerous or influential, they are fairly certain to find spokesmen who can give effective expression to their dissent. Such expression may not be scientific but it will often be couched in forceful rhetoric and be reasonably plausible.”:

“The conclusions reached in economics may, in case they come to be widely understood, seriously affect the interests of various persons and classes. And if these classes are numerous or influential, they are fairly certain to find spokesmen who can give effective expression to their dissent. Such expression may not be scientific but it will often be couched in forceful rhetoric and be reasonably plausible.” Harry Gunnison Brown. Economic Science and the Common Welfare , 1925, p. 5

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Glenn E. Hoover

“The failure to distinguish between land and the products of labor is not, as many believe an ancient error, but is a relatively recent one. …It took a lot of sophistry and obfuscation to make men believe that a free gift of nature should be treated in the same way as are the products of their own labor.”:

“The failure to distinguish between land and the products of labor is not, as many believe an ancient error, but is a relatively recent one. …It took a lot of sophistry and obfuscation to make men believe that a free gift of nature should be treated in the same way as are the products of their own labor.” Glenn E. Hoover, Prof. of Economics, Mills College, Oakland, CA. From a banquet Speech delivered in 1951

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“Economics is extremely useful as a form of employment for economists.”

“Studies have shown that when students are tested about their knowledge of basic economic principles six months after completing an introductory economics course, they score no better, on average, than those who never took the course.”:

“Studies have shown that when students are tested about their knowledge of basic economic principles six months after completing an introductory economics course, they score no better, on average, than those who never took the course.” Robert H. Frank. “The Dismal Science, Dismally Taught,” The New York Times , August 12, 2007

“Economics: supply and demand.” “Business: you buy something and you sell it for more.”:

“Economics: supply and demand.” “Business: you buy something and you sell it for more.”

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END OF LESSON TWO

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