A New Model of the Economy电子书

Title Page

Copyright Page

Acknowledgments

Preface

Summary

PART ONE - Principles

CHAPTER 1 - Economic Freedom

CHAPTER 2 - Natural Law

Work

Land

Co-operation

Capital

Credit

Surplus

Freedom

CHAPTER 3 - The Significance of Land

Conditions of Land Ownership

Land as a Factor of Production

Land in the Theory of the Firm

Land and Factor Incomes

Why has Land been Overlooked?

Green Questions about Land

PART TWO - The Theory of the Firm Re-Examined

CHAPTER 4 - Perfect Competition

The Firm as a Productive Unit

Perfect Competition

Examples of Land Differentials

Land in Perfect Competition Analysis

Long-run Average Cost Curves

CHAPTER 5 - Monopolistic Competition

Land in Monopolistic Competition

The Integer Problem

CHAPTER 6 - Monopoly

Monopolist Owning Land

Multi-plant Monopolists

Cartels

Discriminating Monopoly

Price and Marginal Cost

Land Monopoly

Monopoly Arising from Control of Land

CHAPTER 7 - Oligopoly

Collusion

Kinked Demand Curves

Equilibria in Oligopoly

Contestable Markets

Entry Barriers

Land in Oligopoly

Goodwill

Control of Land as Cause of Oligopoly

PART THREE - Factor Incomes

CHAPTER 8 - The Law of Rent

Ricardo’s Analysis

Differential or Economic Rent

Scarcity Rent

Rent and Supply Curves

Von Thunen’s Analysis

Inadequacy of Homogenous Land Model

CHAPTER 9 - Transfer Earnings of Factors

Transfer Earnings of Labour

Transfer Earnings of Land

Ricardian Rent

Confusion of Rent Concepts

CHAPTER 10 - Wages

Equilibrium and Disequilibrium Differentials

Demand Curve for Labour

Supply Curve for Labour

The General Level of Wages

Self-employment as an Alternative to Employment

‘Voluntary’ Unemployment

Unemployment and Marginal Land

Wages at the Least Acceptable Level

CHAPTER 11 - Capital

Is Land Capital?

The Use of Capital

Interest and the Supply Price of Capital

Quasi-Rent

Capital and Rent

Returns on Capital Investment

Production Functions

Labour Employs Capital

CHAPTER 12 - Profit

Profits as Return on Capital

Ambiguity of ‘Capital’

Returns for Risk

Returns to Entrepreneurs

Profits of Tenants of Land

Schumpeter’s Theory of Profits

Profits in Modern Economic Conditions

Function of Profits

PART FOUR - Money and Value

CHAPTER 13 - Money, Credit and Interest

Means of Exchange

Credit

Bank Deposits

Advances Create Deposits

Production Time Requires Credit

Example of Bridge Building

Credit and Entrepreneurs

Non-productive Bank Credit

Why is there an Interest Rate?

The Speculative Motive

Assumptions of Keynes’ Theory

Money as Stock or Flow

Supply Price of Money

Origins of Modern Interest Rates

Interest and Resource Allocation

Conclusion

CHAPTER 14 - Value and Price

How Far can Values be Measured?

Exchange, Values and Price

Indifference Curves and Valuations

Supply and Demand

Consumer and Producer Surplus

What Costs Enter into Price?

Is Rent a Cost?

Monopoly Elements in Price

A Labour Theory of Price

Optimum Resource Allocation

Who Receives Rent?

PART FIVE - Public Revenue

CHAPTER 15 - Taxation

The Fundamental Division of Production

Three Bases of Taxation

Can Landlords Pass on Tax on Rent?

Effects of Tax on Rent

Rent under Non-optimum Land Use

Taxing Rent in Present Conditions

Landlords as Free Riders

Community Creation of Rent

CHAPTER 16 - Historical Analysis

Land Enclosure

Appearance of Scarcity Rent

Industrial Revolution

Taxes on Output and Wages

Need for Welfare State

Growth of Monopoly

Globalisation

CHAPTER 17 - Externalities

Rent from External Economies

Industry Supply Curves

Social Economies and Diseconomies

Locational Externalities

Public Goods

Enhanced Rent from other Public Expenditure

Effect of New Technology

Who Benefits and Who should Pay?

CHAPTER 18 - Natural Monopoly

How to Deal with Natural Monopolies

Land in Natural Monopoly

Local Control

Natural Monopolies in Europe

Rent from Locational Specificity

Natural Monopolists and Landowners

Examples of Natural Monopoly

CHAPTER 19 - Housing

Separate Supply and Demand for House Building and Housing Land

Effect of Fixed Supply of Land

Land Held out of Use

Price Differentials and Location

Effects on Distribution of Wealth and Income

‘Doughnut’ Effects

Mortgages

Windfall Gains and Losses

Government’s Use of Interest Rates

Mortgages in USA

Zero Housing Land Values

House Purchase with Free Land

Bank Credit for Housing Land

Allocation of Land to Best Uses

PART SIX - Macro-Economics

CHAPTER 20 - Outline of Macro-Economic Theory

Real and Money Circular Flows

Injections and Withdrawals

The Multiplier

Consumption Function

Equilibrium National Income

Marginal Efficiency of Capital

Motives for Holding Money

Money Supply

Monetary Transmission Mechanism

The IS Schedule

The LM Schedule

Equilibrium in Real and Monetary Asset Markets

Construction of Aggregate Demand Curve

Short-run Aggregate Supply Curve

Long-run Aggregate Supply Curve

Equilibrium

Demand and Supply Shocks

Summary of Variables in Model

Three Kinds of Government Polcy

Influence of the Model

CHAPTER 21 - Critique of the Theory: Land

Rent in Circular Flow

Treatment of Land as Investment

Land Values’ Effect on Consumption

Land and Marginal Efficiency of Capital

Effect on Monetary Transmission Mechanism

Wealth Effects

Treasury Predictions

SRAS Curve

LRAS Curve

Example of Land Held out of Use

Effect on Margin of Scarcity Rent

Allocation of Land between Uses

Summary of Criticisms

CHAPTER 22 - Critique of the Theory: Money and Credit

Obscurities in the Model

Limiting Assumptions of the Model

Non-bank Financial Institutions

Present versus Future Production

Money Supply, Interest Rates and Equilibrium

Summary of Criticisms

CHAPTER 23 - Critique of the Theory: Taxation

Effect of Taxes on Labour

Effects on SRAS

Labour/Capital Ratios

Summary of Criticisms

CHAPTER 24 - The Model Reformed

The Demand Side

Impact on SRAS

Shift of LRAS

Equilibrium in the Reformed Model

Say’s Law

The Keystone of the Reformed Economy

A New Model of the Economy

Aspects of Natural Law

Green Issues

A Practical Ideal

CHAPTER 25 - The Reformed Economy and World Trade

Comparative Advantage in the Reformed Economy

International ‘Capital’ Movements

Foreign ‘Investment’

The Reformed Economy as Exemplar

CHAPTER 26 - Business Cycles

Price Flexibility

Factor Markets

Structure of Industry

Disruptive Effect of Land Market

Expectations

Effect of Housing Land Market

PART SEVEN - Conclusions

CHAPTER 27 - Practical Problems of Rent as Public Revenue

Property in Land

Land Acquired by Exchange

Mortgagee’s Responsibility

Who is Better Off?

Improvements to Land

Effects on Agriculture

House Ownership

Administration of Land

Transitional Problems

CHAPTER 28 - Justice

Which Services are Genuine?

The End of Capitalism

Economic Freedom

Economic Justice

APPENDIX - Rent and Landlord’s Claim

Select Bibliography

ALSO FROM SHEPHEARD-WALWYN

ALSO FROM SHEPHEARD-WALWYN