A New Model of the Economy

by Brian Hodgkinson

Overview

Presenting a radical revision of modern economic theory, this analysis adjusts the entire range of economic thought in relation to the fundamental part played by land, the significance of credit—especially in the banking system—and the crucial impact of the taxation method. The resulting system based upon natural law, economic security for all, fair distribution of output, and the opportunity for self-fulfillment through work draws upon the masters of economic thought—from Smith and Ricardo to Marshall, Schumpter, and Keynes—but also provides new insights by highlighting concepts often omitted from current studies of their works.

Product Details

ISBN-13:	9780856832505
Publisher:	Shepheard-Walwyn Publishers, Limited
Publication date:	04/01/2008
Pages:	368
Product dimensions:	6.25(w) x 9.25(h) x 1.22(d)

About the Author

Brian Hodgkinson was a chartered accountant in the city of London and a graduate from Balliol College–Oxford. He is the founding editor of the economics journal British Economy Survey and the author of The Advancement of Civilisation in the Western World, Bhagavad Gita, and The Essence of Vedanta.

Table of Contents

Acknowledgments     vii
Preface     ix
Summary     xi
Principles
Economic Freedom     3
Natural Law     6
The Significance of Land     13
The Theory of the Firm Re-Examined
Perfect Competition     25
Monopolistic Competition     39
Monopoly     47
Oligopoly     57
Factor Incomes
The Law of Rent     71
Transfer Earnings of Factors     90
Wages     96
Capital     109
Profit     123
Money and Value
Money, Credit and Interest     137
Value and Price     154
Public Revenue
Taxation     171
Historical Analysis     188
Externalities     196
Natural Monopoly     205
Housing     214
Macro-Economics
Outline of Macro-Economic Theory     231
Critique of the Theory: Land     256
Critique of the Theory: Money and Credit     273
Critique of the Theory: Taxation     285
The Model Reformed     291
The Reformed Economy and World Trade     308
Business Cycles     313
Conclusions
PracticalProblems of Rent as Public Revenue     325
Justice     335
Rent and Landlord's Claim     339
Select Bibliography     341
Index     343

Editorial Reviews

A very important book. . . . [It]is much more relevant to the present state of the real-world economies than the models offered by most economics textbooks.

James Robertson Newsletter

Presents a new model of economic theory that takes into consideration the idea of spatial location.

Journal of Economic Literature

The author claims that economists today employ "flat-earth" models, which are unrealistic. They ignore the huge influence of spatial location, which gives rise to economic, or Ricardian, rent. In short, the book offers a model for fundamental reform.

Abstracts of Public Administration Development and Environment (APADE)

[Hodkinson’s] book is a breath of fresh air in the suffocating room of modern pedagogy in economics.”  —Mason Gaffney, professor of economics, University of California–Riverside



“[A New Model of the Economy] is much more relevant to the present state of real-world economies than the models offered by most economics textbooks.”  —James Robertson, founder/member, New Economic Foundation

“[A New Model of the Economy] has serious implications for any economist or politician hoping to remedy ominous symptoms of disaster, like the current banking crisis . . . . In short, the book offers a model for fundamental reform.”  —Abstracts of Public Administration, Development and Environment

From the Publisher