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Recently published: a significant new work

This is the book that has long been waited for! It is a rewriting of conventional economics relating it to the real world by including the fundamental role played by land, the significance of credit and the banking system and the crucial impact of the method of taxation.

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A New Model of the Economy by Brian Hodgkinson

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 Dombusch 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 earth, the significance of credit, especially through the banking system, and the crucial impact of the method of taxation.

Now published and available @ £30.00 HB from Shepheard-Walwyn (Publishers) Ltd. 15 Alder Road, London, SW14 8ER.

For a recent review by Mark Braund in the Guardian see

The resulting analysis yields a thoroughly revised version of thecontemporary model of a capitalist economy, so that a genuine ‘thirdway’ is revealed. This is not a mere modification of the present systemof absentee ownership confronting a market for labour, with all theattendant evils of unemployment, monopoly and maldistribution of wealthand income. Rather it is a system based upon natural law, exhibitingeconomic security for all, fair distribution of output and, above all,the opportunity for self-fulfilment through work. 

The ‘new model’ draws upon the masters of economic thought from Smith and Ricardo to Marshall, Schumpeter and Keynes, by highlighting concepts often omitted from current studies of their works; such as Ricardo’s analysis of scarcity and differential elements of rent, Schumpeter’s view of the role of banking and Keynes’s hints at a labour theory of value. Indeed this far-reaching revision makes bold advances upon the Marshallian theory of the firm and the Keynesian theory of national income determination, thus providing new insights into both micro and macro theory. It remains faithful, however to the tradition of these latter thinkers in explaining matters fully in words, and resorting to mathematics mainly through the use of diagrams intelligible to anyone with an elementary grasp of the subject.

For a recent review by James Robertson


View the contents, preface and summary here:

New Model of the Economy summary


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