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The Henry George Theorem and the Entrepreneurial Process: Turning Henry George on his Head

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  • Laurence S. Moss

Abstract

This chapter offers an interpretation of the Henry George Theorem (HGT) that brings it squarely into the study and analysis of entrepreneurship somewhat loosening its ties to the subfield of urban economics. I draw on the pioneering work of Spencer Heath whose insights about the viability of proprietary communities were developed further by his grandson, Spencer Heath MacCallum who, in 1970, recognized that private real estate developers sometimes make their capital gains (mostly) by creating useful public spaces that others enjoy. I also draw inspiration from Fred Foldvary's effort in 1994 to synthesize the pubic goods problem in economics with the Henry George Theorem in urban economics. While the real estate owner—developer does emerge on my pages in a somewhat more favourable light than as originally portrayed by Henry George in his Progress and Poverty in 1879, I offer a realistic appraisal of the duplicitous behaviours required of such entrepreneurs. in the context of the modern regulatory state. Real estate development remains a ‘hot button’ item in local politics, and real estate developers must become genuine ‘political entrepreneurs’ if they are to complete their projects in a timely way and capture business profits. It is a complicated story that the HGT helps make intelligible in terms of human action.

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  • Laurence S. Moss, 2010. "The Henry George Theorem and the Entrepreneurial Process: Turning Henry George on his Head," American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(1), pages 563-585, January.
    • Handle: RePEc:bla:ajecsc:v:69:y:2010:i:1:p:563-585
    DOI: 10.1111/j.1536-7150.2009.00683.x
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    References listed on IDEAS

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    1. Richard Arnott, 2004. "Does the Henry George Theorem Provide a Practical Guide to Optimal City Size?," American Journal of Economics and Sociology, Wiley Blackwell, vol. 63(5), pages 1057-1090, November.
    2. Robert W. Dimand & John Geanakoplos, 2005. "Celebrating Irving Fisher: The Legacy of a Great Economist," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(1), pages 3-18, January.
    3. Victor R. Fuchs, 2005. "Health, Government, and Irving Fisher," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(1), pages 407-425, January.
    4. Fred E. Foldvary, 1994. "Public Goods And Private Communities," Books, Edward Elgar Publishing, number 167.
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    Cited by:

    1. Luca A Minola & Fred E Foldvary & David E Andersson, 2020. "Fiscal principles for self-organizing cities," Environment and Planning B, , vol. 47(2), pages 235-250, February.

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