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Land Concentration and Long-Run Development in the Frontier United States

Author

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  • Cory Smith

Abstract

I study the long-run economic effects of land concentration on the American frontier. Using quasi-random variation in initial land allocations from a checkerboard formula, I analyze a large database of property assessments and find that historical concentration reduced modern land values by 4.5 percent and fixed capital by 23 percent. Modern effect sizes are 23−64 percent of their historical equivalents, indicating significant rates of both persistence and convergence over the last 150 years. Using archival data on tenant contracts, I argue that the low-powered incentives of share agreements discouraged investment by large-scale owners with long-term effects.

Suggested Citation

  • Cory Smith, 2026. "Land Concentration and Long-Run Development in the Frontier United States," American Economic Journal: Applied Economics, American Economic Association, vol. 18(2), pages 1-33, April.
    • Handle: RePEc:aea:aejapp:v:18:y:2026:i:2:p:1-33
    DOI: 10.1257/app.20230647
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    More about this item

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • N41 - Economic History - - Government, War, Law, International Relations, and Regulation - - - U.S.; Canada: Pre-1913
    • N51 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - U.S.; Canada: Pre-1913
    • Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land

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