Seeking Institutionalist Signposts in The Work of Henry George

Abstract

Abstract. When one seeks institutionalist signposts in works published before the time of Thorstein Veblen, Henry George is often overlooked. This oversight on the part of institutionalists is understandable given George's emphasis on “natural laws,” individualism, religious teachings and his defense of the market system. Orthodox economists have also ignored these signposts as a result of their rejection of institutionalism. They have rejected George's work in general because of his attack on the economics profession and his challenge to the status quo. While George is usually not classified an institutionalist, there are, however, definite institutionalist signposts to be found in his work. George recognized the ceremonial and pecuniary nature of the economics profession and analyzed the institutional foundation of property. Furthermore, George was a social reformer and understood the discretionary and normative nature of the economy.