Progress and Poverty, Volumes I and II: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth — John Shaqi
Progress and Poverty, Volumes I and II: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of WealthGeorge, Henry
General
Progress and Poverty, Volumes I and II: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth
George, Henry
Economics; Single tax
Thus far the results of the inquiry, though extremely important, are
mainly negative. They show that current theories do not satisfactorily
explain the connection of poverty with material progress, but throw
no light upon the problem itself, beyond showing that its solution
must be sought in the laws which govern the distribution of wealth.
It therefore becomes necessary to carry the inquiry into this field.
A preliminary review shows that the three laws of distribution must
necessarily correlate with each other, which as laid down by the
current political economy they fail to do, and an examination of the
terminology in use reveals the confusion of thought by which this
discrepancy has been slurred over. Proceeding then to work out the laws
of distribution, I first take up the law of rent. This, it is readily
seen, is correctly apprehended by the current political economy. But it
is also seen that the full scope of this law has not been appreciated,
and that it involves as corollaries the laws of wages and interest—the
cause which determines what part of the produce shall go to the land
owner necessarily determining what part shall be left for labor and
capital. Without resting here, I proceed to an independent deduction
of the laws of interest and wages. I have stopped to determine the
real cause and justification of interest, and to point out a source of
much misconception—the confounding of what are really the profits of
monopoly with the legitimate earnings of capital. Then returning to the
main inquiry, investigation shows that interest must rise and fall with
wages, and depends ultimately upon the same thing as rent—the margin
of cultivation or point in production where rent begins. A similar but
independent investigation of the law of wages yields similar harmonious
results. Thus the three laws of distribution are brought into mutual
support and harmony, and the fact that with material progress rent
everywhere advances is seen to explain the fact that wages and interest
do not advance.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account