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Keeping Land in Capital Theory: Ricardo, Faustmann, Wicksell, and George

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  • Mason Gaffney

Abstract

. Most economists today live in a two‐factor world: There is just labor and capital. Land, so central to classical political economy, has been swallowed into capital and “disappeared.” This paper surveys some of the better historical treatments of land and capital, their interrelations, and how they support modern Georgists and Greens who want land to reappear.

Suggested Citation

  • Mason Gaffney, 2008. "Keeping Land in Capital Theory: Ricardo, Faustmann, Wicksell, and George," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(1), pages 119-141, January.
    • Handle: RePEc:bla:ajecsc:v:67:y:2008:i:1:p:119-141
    DOI: 10.1111/j.1536-7150.2007.00562.x
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    References listed on IDEAS

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    1. Michael Scorgie & John Kennedy, 1996. "Who Discovered the Faustmann Condition?," History of Political Economy, Duke University Press, vol. 28(1), pages 77-80, Spring.
    2. D. Gale Johnson, 1950. "Resource Allocation under Share Contracts," Journal of Political Economy, University of Chicago Press, vol. 58(2), pages 111-111.
    3. Karl G. Löfgren, 1983. "The Faustmann-Ohlin Theorem: A Historical Note," History of Political Economy, Duke University Press, vol. 15(2), pages 261-264, Summer.
    4. Samuelson, Paul A, 1976. "Economics of Forestry in an Evolving Society," Economic Inquiry, Western Economic Association International, vol. 14(4), pages 466-492, December.
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    Cited by:

    1. Mason Gaffney, 2009. "The hidden taxable capacity of land: enough and to spare," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 36(4), pages 328-411, March.
    2. Sylvain Caurla & Antonello Lobianco, 2020. "Estimating climate service value in forestry : The case of climate information on drought for maritime pine in Southwestern France," Post-Print hal-02617889, HAL.
    3. ZHANG Wei-Bin, 2015. "Values Of Land And Renewable Resources In A Three-Sector Economic Growth Model," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 10(1), pages 156-186, April.
    4. Sylvain Caurla & Antonello Lobianco, 2020. "Estimating climate service value in forestry : The case of climate information on drought for maritime pine in Southwestern France," Post-Print hal-03639335, HAL.
    5. Franklin Obeng-Odoom, 2016. "Property in the Commons," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(1), pages 9-19, March.
    6. Eli P. Fenichel & Joshua K. Abbott, 2014. "Natural Capital: From Metaphor to Measurement," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 1(1), pages 1-27.
    7. Viitala, Esa-Jussi, 2016. "Faustmann formula before Faustmann in German territorial states," Forest Policy and Economics, Elsevier, vol. 65(C), pages 47-58.

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