Economic essays

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Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Title:: Land economics / Richard T. Ely

Collection:: Economics Books

LAND ECONOMICS Richard T. Ely Lanp Economics, a new branch of economic science, is a product of the specialization which accompanies the development of all sciences. New as land economics is, however, it is already being split up into more or less separate fields; to mention only two of the more obvious divisions, agricultural land economies and urban land economics. It is a surprising fact that land economics has matured so late. So far as the writer’s informa- tion goes, 1919 is the first year in which a comprehensive uni- versity course was given under the title “Land Economics,” com- parable to those offered many years previously in labor economics, banking, taxation, profits, capital and interest and so on. Treatment of Land in Economics. In economic treatises of the past we find little treatment of land as an economic concept, that is, as a requisite of production sharing in the income of society, and yet land has always been regarded by economists as one of the primary factors in production. Why should so much more attention have been given to labor and to capital and more recently to management or the role of the entrepreneur? It may not be easy to answer this question, but it is here suggested that the theory of rent, especially as developed by Ricardo, is largely responsible. This theory has gained such an influence in the minds of economists that it sometimes seems to amount almost to an obsession, from which it is extremely difficult to escape. This theory presents rent as something peculiar and very simple. All land is regarded as a single force or factor with differences in income yielding power. There is no discussion of the various classes of land with reference to their characteristics, their peculiar problems or policies for their utilization. One substan- tiation for the hypothesis, that the Ricardian theory of rent is at least a partial explanation of the tardy development of land economics, may be found in the fact that in Germany, where the [19

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