Economic essays

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Monograph

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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Document type:: Monograph

Structure type:: Chapter

Title:: Land economics / Richard T. Ely

Collection:: Economics Books

128 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK pleasant neighborhood, congenial neighbors, and all other qualities which add to the pleasure and comforts of living. The amenities arise mainly from the use of land for residences, either urban or rural. In some cases a considerable part of the value of land consists of so-called “amenity value.” This does not hold true in the same degree in the case of most other forms of income. In this connection it will be seen that land economics, which has been developed largely as a result of observation, statistical inquiry and research, is reaching conclusions in regard to the income of land similar to those formulated years ago by Professor John Bates Clark. Now Professor Clark’s works give a splendid illustration of deductive reasoning of a high order. It should be particularly gratifying to Professor Clark to find that some of those who started out, as the present writer did, with views very much opposed to his have been forced by their own independent researches to approach his views. The writer would not say that he has reached entire agreement with Professor Clark. He has come far closer to an agreement and acknowledges a growing appreciation of the work that Professor Clark has done. One of the things that is urgently needed in the interest of theory and practice now is careful research into the increments in land values and their causes, as well as into decrements and their causes. Some investigations have been conducted in New York City, showing that through a long period of years the increments in vacant land values were less than the rate of interest paid on deposits in savings banks. We find very gen- erally in economic treatises, and especially in popular discussions, the idea advanced that an increase in population means an increase in land values. The researches that have been conducted do not bear this out. So far as urban land is concerned, there may be a very considerable increase in population with stationary or even declining land values. With growing population we may have a fall in the value of agricultural land. The general prin- ciple is clear and may be stated as follows: In a dynamic society we learn how to utilize better and better the surface of the earth. Consequently, with a stationary population land values will decline. The force acting in the other direction is the growth of population. In recent years particularly in the United States, although it is also true in many other countries, improved methods

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