This book offers a radical revision of modern economic theory. Its starting point is the existing body of both micro and macro economics, as developed in such textbooks as Economics by Begg, Fischer and Dornbusch and Positive Economics by Lipsey and Chrystal. Following a similar framework to these books, it adjusts the whole range of theory by introducing some new concepts and other earlier ones that have been much neglected in the economic thought of the past century. These are related especially to the fundamental part played by land, in it proper sense of all natural resources available on the …

Pinpointing a flaw in prevailing economic practices that explains why so many families in the richest nation on earth are mired in poverty, homelessness, joblessness, and hunger, this study suggests that a reform is available to correct this flaw that is corroding the enterprise system. This flaw is widely accepted and enshrined in law; and certain taxation and land policies enable a powerful few to skim off a large share of the wealth created by the mass of citizens. How this injustice plays a major role in generating destructive boom and bust cycles is important, but the overprivileged who benefit …

This book is based on a three-year course prepared by MacLaren for the School of Economic Science in London in the late 1960s. The editor, Raymond Makewell, presents the original subject matter revised with more recent examples and statistics from Australia, Canada, New Zealand, UK and USA. Instead of making supply and demand the starting point, it begins with the simple observation that all material wealth is ultimately derived from land, and, where goods are exchanged, the first requirement is trust or a system of credit. From this starting point, the major characteristics of the modern economy such as banking, …

Something must be done, explain the authors, but governments will fail again unless they shake off the economic orthodoxy which is now one of the problems rather than the means to a solution. This book investigates the roots of the problem, both historically and theoretically. Dr Michael Hudson draws on archaeology and history, from Bronze Age Mesopotamia through Rome to Byzantium, to show how a destructive virus crept into the body politic. This led to a breakdown in man's relationship to the environment, and divided society into a wealthy ruling oligarchy and an impoverished majority. The welfare state seeks to …

In the two-and-a-half years since the first edition appeared, events have unfolded as predicted. In 2005, the consensus among forecasters was that the boom in house prices would cool to an annual 2 or 3 percent rise over the following years. In fact, in keeping with the winner’s curse phase of the cycle described by the author, prices rose by more than 10 percent per annum in Britain. Harrison’s first book, The Power in the Land, predicted the early 1990s recession. Boom Bust, warned that investing in property is not always a safe bet, because the market is subject to …