Hirsch's largest and most acclaimed work, "Democracy versus Socialism", was published by Macmillan in London, also in 1901. Its short title declares its emphasis but understates its scope. The work anticipates Ludwig von Mises in its coverage of both the economic and political aspects of socialism, and in predicting that socialism would lead to tyranny by depriving public policy of objective points of reference. But it also contains the most complete statement of Hirsch's economic doctrine. In lieu of Henry George's theory of interest (based on the productive and reproductive capabilities of capital), it establishes the compatibility of the Austrian theory of capital and interest with the Georgist theory of land and rent. In Pt.II, Ch.VIII, it proposes a correction to David Ricardo's Law of Rent. The traditional formulation of this law states that the rent of land is the advantage of using that land relative to the advantage of using the best land that can be had for no rent, given the "same application" of labour and capital. Hirsch argued that the proper basis of comparison was not the "same" application, but the "optimal" application in each case. He believed that Ricardo's mistake accounted for the mistaken acceptance of Malthusianism and social Darwinism.