Keeping land in capital theory: Ricardo, Faustmann, Wicksell and George.(Conceptual Debates Regarding Land and Rent)(Essay)

From: The American Journal of Economics and Sociology | Date: January 1, 2008| Author: | Copyright information

Most economists today live in a two-factor world: There is just labor and capital. Land, so central to classical political economy, has been swallowed into capital and "disappeared." This paper surveys some of the better historical treatments of land and capital, their interrelations, and how they support modern Georgists and Greens who want land to reappear.

I

Introduction

David Ricardo had a theory of land rent, of course, plus a practical understanding of compound interest and the relationship of capital to labor. He wove these together in his theory of value. He saw how ...

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