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Economic Insanity

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  • Franklin Obeng‐Odoom

Abstract

Richard Giles, a leading Australian Georgist political economist, suggests that criticisms of mainstream economics can be reduced to three: neglect of the Physiocrats, rejection of Georgist political economy, and the attempted revival of Georgist land economics with faulty variants of those principles. Yet, in defending Georgism, Giles fails to show it can resolve the legacies of chattel slavery, colonialism, and neocolonialism. Despite that limitation, Giles shows that the renewal of land economics is essential to achieving economic justice. Along the way, Giles provides original insights about the limitations of modern monetary theory, the Malthusian economics of global migration, and the rise of global nationalism.

Suggested Citation

  • Franklin Obeng‐Odoom, 2021. "Economic Insanity," American Journal of Economics and Sociology, Wiley Blackwell, vol. 80(2), pages 747-755, March.
    • Handle: RePEc:bla:ajecsc:v:80:y:2021:i:2:p:747-755
    DOI: 10.1111/ajes.12392
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    References listed on IDEAS

    as
    1. Fred E. Foldvary, 2008. "The Marginalists Who Confronted Land," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(1), pages 89-117, January.
    2. Alberto Ruiz‐Villaverde, 2019. "Editor’s Introduction: The Growing Failure of the Neoclassical Paradigm in Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 13-34, January.
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