On Henry George, the Austrians, and Neoclassical Choice Theory: A New Look at the Similarities between George and the Austrians

Henry George and the Austrians disagreed on whether land is inherently different from other factors. Beyond this, they had much in common. The paper specifically argues that the similarities between George and the Austrians are derived from a similar underlying approach to choice. Both relied on a subjective choice framework which yields a foundation that is quite different from that of Walrasian neoclassical economics. As a result, George and the Austrians held similar views on innovation and progress. Moreover, these views are incompatible with neoclassical choice theory which is not really equipped to deal with innovation.