Henry George summary

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Henry George, (born Sept. 2, 1839, Philadelphia, Pa., U.S.—died Oct. 29, 1897, New York, N.Y.), U.S. land reformer and economist. He left school before age 14 to work as a clerk and then at sea. In 1858 George went to California, where he worked for newspapers (briefly founding his own) and took part in Democratic party politics. In 1879 he published Progress and Poverty, in which he proposed that the state fully tax all economic rent—the income from the use of the bare land, but not from improvements—and abolish all other taxes. George believed that the government’s annual income from this “single tax” would be so large that there would be a surplus for expansion of public works.

rent Summary

Rent, in economics, the income derived from the ownership of land and other free gifts of nature. The neoclassical economist Alfred Marshall, and others after him, chose this definition for technical reasons, even though it is somewhat more restrictive than the meaning given the term in popular

economics Summary

Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by