Henry George School of Social Science

>From a bookmark I found:

..............ECONOMIC AXIOMS

1. Man seeks to gratify his desires with the least exertion. (p. 12)
2. Man's desires are unlimited. (pp. 135-136)

.............ECONOMIC DEFINITIONS

POLITICAL ECONOMY: The science of the nature, production
and distribution of wealth.
WEALTH: All material things produced by human labor, having
exchange value. (pp. 39-40)

------------Factors of Production--
LAND: All the material universe outside of man and his
products. (p. 38)
LABOR: All human exertion in the production of wealth. (p. 32)
CAPITAL: Wealth used in the production of more wealth. (P. 42)

-----------Wealth is distributed as--
RENT: For the use of land. (p.165)
WAGES: For labor exerted. (p. 32)
INTEREST: For the use of capital. (p. 162)

MARGIN OF PRODUCTION: The most productive land
obtainable without the payment of rent.

.............ECONOMIC LAWS

LAW OF RENT: "The rent of land is determined by the excess
of its produce over that which the same application can
secure from the least productive land in use." (p. 168)
LAW OF WAGES: "Wages depend upon the margin of
production, or upon the produce which labor can obtain at
the highest point of natural productiveness open to it
without payment of rent." (p. 213)
LAW OF INTEREST: "Interest depends on the margin of
production, falling as it falls, and rising as it rises."
(p. 203 and 219)
(The page numbers refer to the fiftieth anniversary edition of
PROGRESS AND POVERTY)

HENRY GEORGE SCHOOL OF SOCIAL SCIENCE
50 East 69th Street, New York 21, N.Y.
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"Endeavor to persevere"
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