CHAPTER VI
LAND

§ 1. The Special Characteristics of Land. In the great process of co-operation by which the wants of mankind are supplied, Nature is an indispensable participant. She renders her assistance in an infinite variety of ways, of which the properties of the soil which man cultivates form only one; but the sunshine and rain which enable the farmer to grow his crops; the coal and iron ore beneath the surface of the earth, can be regarded for our present purpose as forming part of the land with which they are associated. We can thus concentrate upon land as the representative of the free gifts of nature, which are of economic significance. Land in modern communities is for the most part privately owned. It can be bought and sold for a price, and acquired by inheritance. Moreover, it is a common practice, particularly in the United Kingdom, for an owner who does not wish himself to cultivate or otherwise use the land, not to sell it to the man who does, but to lease it to him for a term of years for an annual payment which we term rent. It is therefore natural and convenient to envisage the problems, which we shall consider in this chapter, as problems concerning the price and rent of land. But, once again, the laws and principles which we shall state and illustrate in terms of the current systems of ownership

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Supply and Demand
Table of contents

Table of contents

  • Title Page iii
  • Introduction v
  • Contents vii
  • Chapter I - The Economic World 1
  • Chapter II - The General Laws of Supply and Demand 18
  • Chapter III - Utility and the Margin of Consumption 37
  • Chapter IV - Cost and Margin of Production 52
  • Chapter V - Joint Demand and Supply 66
  • Chapter VI - Land 83
  • Chapter VII - Risk-Bearing and Enterprise 104
  • Chapter VIII - Capital 119
  • Chapter IX - Labor 139
  • Chapter X - The Real Costs of Production 162
  • Index 178
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