Spencer Heath Archive

Item 2102

Pencilings in Henry George, Protection or Free Trade. New York: Robert Schalkenbach Foundation, 1935.

 

Original is missing.

 

Page 241/  “Inequality in the distribution of wealth tends to lessen the production of wealth — on the one side, by lessen­ing intelligence and incentive among workers; and, on the other side, by augmenting the number of idlers and those who minister to them, and by increasing vice, crime and waste. Now, if increase in the production of wealth tends to increase inequality in distribution, not only shall we be mistaken in expecting its full effect from anything which tends to increase production, but there may be a point at which increased inequality of distribution will neutralize increased power of production, just as the carrying of too much sail may deaden a ship’s way.” (Emphasis by Heath)

 

 

It is nowhere shown that increase is the cause of inequality. It is restrictions.

 

 

Page 306/  “There is in reality no conflict between labor and capital; the true conflict is between labor and monopoly.”

 

All monopoly springs from government restrictions on production.

 

 

Page 306/

“It must always be remembered that nothing that can be classed either as labor or as land can be accounted capital in any definite use of the term, and that much that we commonly speak of as capital — such as solvent debts, government bonds, etc. — is in reality not even wealth — which all true capital must be.”  (Emphasis by Heath)

 

 

Land value is the value of public capital invested in the public services. Rent is the earnings of this public capital.