Rents and the Securities Markets

  • Edward Nell
Part of the Palgrave Studies on Henry George for the 21st Century book series (PSHGC)


Here the whole argument will be pulled together, developing a picture of a cyclical pattern of interaction between the real and financial sides of the economy, drawing on an unstable money supply system, most likely culminating in a crash. The cycle is sketched, showing the forces that generate an expansion, then the upturn of financial speculation, leading to excess, followed by the changes that bring about a downturn and a crash. The role of rent-based securities in the cycle is surprisingly important, and has not previously received the attention it deserves.


Business cycle Financial speculation Monetary instabilityIncreasing returns 


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  5. Nell, E J and Errouaki, K. (2013) Rational Econometric Man. Cheltenham: Edward Elgar.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Edward Nell
    • 1
  1. 1.New SchoolNew YorkUSA

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