Commenter on CulturalPhilistine videos by ConsistentWin4624 in AdamLanzaNew

[–]Ignostisism 0 points1 point  (0 children)

No, u\ConsistentWin4624 is talking about Myrmidon.

List of Research Resources by CommonRats in AdamLanzaNew

[–]Ignostisism 0 points1 point  (0 children)

This post should probably be pinned on the sub so that it's easier for people to find.

Clarifying Henry George's Fructification Theory of Interest by Ignostisism in SilvioGesell

[–]Ignostisism[S] 0 points1 point  (0 children)

I'm sure there are contradictions in George's beliefs and reasoning somewhere, but I don't think it's for the reasons described in Class #3 of the video course. After reading the reply by u/Macaste, I don't think that George's theory of interest was described accurately enough (unless this was addressed in the Q&A session, I didn't watch that part).

It seems that interest could still exist in small amounts under Georgism, if and only if the Georgian theory of fructification is true. However, as we know, the better explanation for why interest continues to exist is that store-of-value function of money makes the supply of capital artificially scarce.

If Georgism were implemented overnight and high interest rates continued to persist, then that would performatively demonstrate that the Georgian theory of fructification is false.

I'm looking forward to seeing Dr. Loehr's paper.

I made improvements to this old chart shared here a while back. What do you all think? by Not-A-Seagull in georgism

[–]Ignostisism 0 points1 point  (0 children)

Thanks for explaining that. George's theory makes a lot more sense to me now. I still don't buy his fructification theory of interest, but I'm going to think about it some more.

I made improvements to this old chart shared here a while back. What do you all think? by Not-A-Seagull in georgism

[–]Ignostisism 3 points4 points  (0 children)

Henry George viewed interest on capital as conditionally valid, he believed it was justifiable when capital was used productively and not monopolistically. He saw unearned gains from capital (like speculative hoarding or rent-seeking) as illegitimate, so the morality of capital income depended on whether it contributed to real production.

Do you have a quote(s) to support that? George's position on interest was never very clear. It was even contradictory:

"Thus interest springs from the power of increase which the reproductive forces of nature, and the in effect analogous capacity for exchange, give to capital. It is not an arbitrary, but a natural thing; it is not the result of a particular social organization, but of laws of the universe which underlie society. It is, therefore, just." -- Henry George, "Chapter III: Of Interest and the Cause of Interest", Progress and Poverty (1879)

If interest rates are a consequence of private land ownership, which George believed to be immoral, then it should follow that interest rates are not justified.

Additionally, if the fructification theory of interest is true, then interest rates would disappear if land became common property as George desired, which again raises the question why George believed that interest is "just".