Economic essays

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Land economics / Richard T. Ely

Collection:: Economics Books

LAND ECONOMICS 131 culations. Such disturbing factors are the pride of ownership which will induce many people to accept a comparatively low rate of return upon land investments, and departures from perfect competition due to the influence of such institutions and forces as custom, monopoly, and public authority. In view of the importance of guiding present valuations and activities by estimates of what the future will bring, a large part of economic thought is being devoted to the problems of fore- casting prices, values, and trends of utilization. Forecasting is not peculiar to land economics; in fact, an interest in scientific forecasting of land values has followed a similar interest in the field of business economies. Being such a new part of the science of land economics, forecasting has not been developed much beyond the point of indicating the kind of data on which forecasts should rest. An adequate statistical basis is still lacking, but will probably be an outstanding development in the future. In forecasting land values a distinction is drawn between the short-time and long-time movements of values. The short-time fluctuations are usually restricted to small areas and do not affect generally the long-time movements. Forecasting for long periods of time concerns itself with those factors which affect the economic supply of land and the demand for land, or the demand for the products and services of land which amounts to the same thing. The factors that are most emphasized as affecting the demand for land are: growth of population, development or decay of industry and commerce, communication and transport, quantity and quality of public improvements, the purchasing power and standard of living of the people, the habits, customs, and fashions of buyers of the products and services of land. The economic supply of land is affected by such factors as the develop- ment of means of transport, improvements in the technique of land utilization, and the quantity, quality, and efficiency of labor. The relation between some of these factors, so far as it has been ascertained up to the present time, has already been stated as a general principle of land values. It may now be stated as a more formal definition as follows: Other things remaining equal, in a progressive society, one in which the technique of land utilization is improving, with increasing wealth and stationary population, land values will decline. Specific exceptions to this general rule can, of course, be pointed out.

Access restriction

Copyright

fullscreen: Economic essays

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation