Review of the Book:
One Hundred Years of Land Values in Chicago
by Homer Hoyt
Weld Carter
[An excerpt from an unpublished manuscript by the
author, also available on-line at the
Wealth
and Want website established by Wyn Achenbaum]
In 1933, the University of Chicago published a book by Homer Hoyt
entitled One Hundred Years of Land Values in Chicago. This
monumental study consists in 7 chapters, of which each of the first
five describes one of the five major business cycles of the period in
great detail.
What was so outstanding about Hoyt's book was its compelling
confirmation of George's analysis, some thirty-five years after
George's death in 1897! What is even more significant is Hoyt's
handling of his data in chapters six and seven, the balance of the
study. In these two chapters, he selects some sixteen events which not
only are present in each cycle, but which occur in the same order in
each cycle.
Mr. Hoyt concluded with the usual caveat: that the mere fact that
this sequence is observed this many times does not guarantee that it
will ever happen again; which is to say that we can never prove truth,
we can only fail to disprove it.
The graphic rendition of one such cycle appearing on the following
page was devised by John Monroe, the Director of the Commerce and
Industry Division of the Chicago Henry George School of Social
Science. For classroom use, Mr. Monroe had set up a large magnetized
blackboard with a large inverted "U"; the sixteen items of
the figure were described on sixteen magnetized chips, which were
shuffled and distributed along the participants. The senior author
once had a class of five company presidents; after defining the task,
he never spoke during the exercise. The individual members had sole
control as to the place on the curve where each chip belonged. It was
thrilling to see and hear the discussion and the ultimate positioning
of the individual chips. At completion, they matched precisely the
historically-based results of Hoyt. Five converts, one of whom had
been the President both of Chicago's Real Estate Board and of its
Building Managers Association, as well as a trustee of the University
of Chicago, walked out of that session.
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