The Victorian World and the Underworld of Economics Essay - 1

The Victorian World and the Underworld of Economics - Essay ExampleMarx predicted the immiseration of the work class and eventual(prenominal) collapse of capitalism but this did not happen. Instead, wages kept increasing during Victorian Age and the working hours shortened thus transforming proletariat into petty bourgeoisies (p. 170). Malthus went underworld due to arithmetical absurdity of his idea of ordinary glut while the utopians were deemed to be talking nonsense which was not economics (p. 177-178). Edgeworth (1845-1926) introduced the concept of quantities and applied math to economics but his work was rejected as it ignored the human factor thus it went underworld. Bastiat on the other hand, added humor to economics and was a defender of free trade but still went underworld. total heat George (1839-1897) was a very popular economist in England and the U.S especially due to his book Progress and beggary (1879) which indicated that the true cause of poverty and industria l depression was land rent (Heilbroner, 1999, p. 187). He argued that rent brought virtually not only hardships for capitalists but besides workingmen hence was an injustice. He believed rent was a social extortion that lead to surmisal in land values hence economic depression or paroxysms (p. 187). The only event to the problem of depression was a single massive tax on land equal to its rent. This would obliterate all other taxes hence raise wages and capital earnings. It would also abolish poverty, lead to moneymaking employment for all, purify government and afford free scope to human power (p 187-188). He also advocated taking away land from owners even if it meant war as, there was never a holier cause (p.189). though his work was a worthy successor to Adam Smiths Wealth of Nations it went into underworld of economics due to lack of logic industrial depression cannot be blamed on land speculation as evidence shows severe depressions do occur in countries where land value s are not inflated.John Hobson was concerned