Land: Difference between revisions
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In economic theory, '''land''' is one of the three [[factors of production]]. The other factors are [[labour]] and [[capital]]. | In economic theory, '''land''' is one of the three [[factors of production]]. The other factors are [[labour]] and [[capital]]. | ||
Alongside [[labour]] land is also recognised by most(? Samuelson uses the phrase ''often called'', pp. 50) economists as a primary factor.<ref>Samuelson and Nordhaus ''Economics'', (1989).</ref> | Alongside [[labour]] land is also recognised by most (? Samuelson uses the phrase ''often called'', pp. 50) economists as a primary factor.<ref>Samuelson and Nordhaus ''Economics'', (1989).</ref> | ||
However, the Chicago School of economic thought seems to have been founded (and funded by J. D. Rockefeller) to eliminate the notion of ''land'' altogether from economics not | However, the Chicago School of economic thought seems to have been founded (and funded by J. D. Rockefeller) to eliminate the notion of ''land'' altogether from economics not just make it rank equal with capital and labour.<ref>Mason Gaffney in ''The Corruption Of Economics (1994) pp. 117-112.</ref> | ||
Closely coupled with land is the notion of rent -- [[economic rent]], to be exact. With this goes the thorny question of "who is entitled to collect the value that accrues to land in its undeveloped state?" | |||
Revision as of 13:33, 17 June 2007
In economic theory, land is one of the three factors of production. The other factors are labour and capital.
Alongside labour land is also recognised by most (? Samuelson uses the phrase often called, pp. 50) economists as a primary factor.[1]
However, the Chicago School of economic thought seems to have been founded (and funded by J. D. Rockefeller) to eliminate the notion of land altogether from economics not just make it rank equal with capital and labour.[2]
Closely coupled with land is the notion of rent -- economic rent, to be exact. With this goes the thorny question of "who is entitled to collect the value that accrues to land in its undeveloped state?"