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Rent Seekers - the rentiers

 
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Richard Glover



Joined: 29 Sep 2008
Posts: 185
Location: Ealing, London, UK

PostPosted: Sat Sep 22, 2012 8:23 am    Post subject: Rent Seekers - the rentiers Reply with quote

A significant paper has recently been published by Michael Hudson and Dirk Bezemer : http://wer.worldeconomicsassociation.org/article/view/36

All around us is evidence of financial greed. Studies within the Henry George tradition (and I include the earlier work of School of Economic Science in this) have generally focused on the land issue, with land defined in the usual economic sense of "every aspect of the physical universe". The classical economists identified the special nature of rent and, to a greater or lesser extent, considered its effects on the economic well being of all. Money and financial sectors have often been ignored by economists and generally by economic models. Hence the present crisis was generally unexpected.

This paper argues that the financial, insurance and real estate sector (FIRE - Hudson) is today's incarnation of the rentier sector of times gone by.
This paper presents a very clear view of money flows in the private and public sectors within a nation, and indeed right across the globe. Interest is presented as the main manifestation of economic rent.

The paper can be directly downloaded from here or from the above World Economic Review website link.

Comments and further discussion would be very useful.



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Bran zila



Joined: 03 Feb 2015
Posts: 1

PostPosted: Tue Feb 03, 2015 10:28 am    Post subject: Reply with quote

The value of land is a social surplus generated entirely by the presence and work of society as a whole. At present, the owner of land required for building can claim the maximum selling price calculated by reference to the expected maximum selling price of the houses to be built on it.




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