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Economics and Reality Autumn 2011

Fridays 6.40pm – 8.10pm
Commencing 7th October 2011
11 Mandeville Place, London W1

(by kind permission of the School of Economic Science)

The course, inspired by the works of Henry George, will use structured material prepared by Mr Ray
Ward for students in the University of the Third Age (U3A). The course will be of interest to both
those new to George’s economic ideas and/or those who might consider teaching the material in a
U3A or a similar context themselves.


Course Contents
7th October: Unit I- Defining Terms and Their Importance. Classical Economics, Factors of
Production, Production, Capital, Services as Wealth, Distribution, Two axioms, Value Judgements.
14th October: Unit II – The Subdivision of Labour and Markets. Two Laws, – How Free are Free
21st October: Unit III — Land and Rent – A Residual. A Bakers’ Exercise, The Distribution of
Wealth, Rent and Location- Marginal Land, Rent and Price – Nature and Society.
28th October: Half term break, No course class – Coalition for Economic Justice Meeting.
4th November: Unit IV — Wages and Rent. Wages – Their Minimum and The Margins of
11th November: Unit V – Interest on Capital, The Effects of Progress, Booms and Slumps, The
Flaw in Free Markets
18th November: Unit VI – International Trade its Nature and Government Interventions. Secondary
Claims on Wealth, Tariffs and Free Trade
25th November: Unit VII – The Principles of Taxation, Taxes on Wages- Taxes on Interest, Taxes
on Capital, Taxes on the Rent of Land.
2nd December: Unit VIII – Economic Power, Wastage due to Bad Taxes, Opportunities, Choices
and Application.
9th December: Unit IX — Public and Private Property Rights, The Rights to Wages, The Rights to
Interest and The Rights to Rent.

Numbers are limited so please reserve your place by registering in advance in person at the office of the
School of Economic Science at 11 Mandeville Place or by telephone 0207 034 4000. Registered Students
should collect and read the Unit I material prior to the first class.

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