HENRY GEORGE AND THE DEVELOPMENT OF THORSTEIN VEBLEN'S THEORY OF CAPITAL

Henry George, self-taught economist to the common man, developed a strong following outside the halls of academic discourse for his ideas about land, rent, and the single tax. Since he drew the ire of important economists such as John Bates Clark and Alfred Marshall, it should come as no surprise that few professional economists were willing to acknowledge his influence on the economics of the day. Yet, a closer look reveals that at least in the case of Thorstein Veblen, a clear connection can be made between these two important American thinkers. The concept of an unearned increment establishes their shared connection by illustrating the tension that exists between individuals and communities when individual property rights are assigned to community assets.