Economic essays

Bibliographic data

Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Clark's reformulation of the capital concept / Frank A. Fetter

Collection:: Economics Books

CLARK'S REFORMULATION OF THE CAPITAL CONCEPT 143 book The Philosophy of Wealth," and apparently until 1888, gave it no mention in his published writings. The chjef theoretical pillar of George’s doctrine was the Ricardian rent theory, and Walker, even while assailing George, had avowed himself to be “a Ricardian of the Ricardians,” declaring that “Ricardo’s rent doctrine can no more be impugned than the sun in heaven.” * He would have none of Bastiat and Carey, who had sought to reduce the origin of all land values to labor. Yet Walker some- what unconventionally treated capital in the aspect of value as “a capital sum” to be invested * as well in land, “in the soil,” as in agricultural improvements, and not as any particular group or kind of economic agents. No formal definition of capital in the old terms of “produced” means of production appears, yet Walker is not conscious of any departure from “the general body of orthodox economic doctrines,” the “validity” of which he thinks he is merely confirming. Events were just at that time crowding each other fast in the single tax propaganda. Progress and Poverty was translated into many languages and was said to have had a larger sale than any other book ever written by an American. In 1886 George was nominated and ran for the mayoralty of New York City, and of the three candidates he polled the second-highest number of votes. In 1887 George was a candidate for the Secretaryship of New York State but was defeated. No other economic subject at the time was comparable in importance in the public eye with the doctrine of Progress and Poverty. At this moment Clark stepped into the arena of discussion armed with a new weapon, a valuation, or investment, concept of capital. His little monograph wears the mien of pure theory, and lingers for a time as its author himself says “in a region of abstract thought.” But having in mind the circumstances just described, one can hardly fail to see on almost every page reflections of the contemporary single-tax discussion. In the brief preface is expressed the hope that “it may be found that these principles settle questions of agrarian socialism.” Repeatedly the discussion turns to “the capital that vests itself in land,” declared * Largely a republication of a series of articles the publication of which was begun ten years earlier. See preface to first edition. ® Op. cit., p. 86. * Eg. op. cit., pp. 33, 34. * Op. cit., p. 86.

Access restriction

Copyright

fullscreen: Economic essays

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation