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The Marginalists Who Confronted Land

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  • Fred E. Foldvary

Abstract

. Although the neoclassical turn in economics demoted land as a factor, important economists of neoclassical thinking, from neoclassical predecessors such Hermann‐Heinrich Gossen through figures such as Leon Walras, did view land as a distinct factor of production. Walras, in particular, favored the use of land rent for public revenue. This paper examines the treatment of land by several neoclassical and Austrian economists and shows how, although the neoclassical school today has managed to bury land, some of the key figures who founded these schools did confront land as a factor. The burial of land is thus not inherent in neoclassical economics, but is a historical development that can be reversed.

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  • Fred E. Foldvary, 2008. "The Marginalists Who Confronted Land," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(1), pages 89-117, January.
    • Handle: RePEc:bla:ajecsc:v:67:y:2008:i:1:p:89-117
    DOI: 10.1111/j.1536-7150.2007.00561.x
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    Cited by:

    1. Callum Ward & Manuel B Aalbers, 2016. "Virtual special issue editorial essay: ‘The shitty rent business’: What’s the point of land rent theory?," Urban Studies, Urban Studies Journal Limited, vol. 53(9), pages 1760-1783, July.
    2. Czyżewski, Bazyli & Matuszczak, Anna & Czyżewski, Andrzej & Brelik, Agnieszka, 2021. "Public goods in rural areas as endogenous drivers of income: Developing a framework for country landscape valuation," Land Use Policy, Elsevier, vol. 107(C).
    3. John Pullen, 2021. "Government Infrastructure Investment Dividends and Urban Development," American Journal of Economics and Sociology, Wiley Blackwell, vol. 80(2), pages 721-745, March.
    4. Lawrence W. C. Lai & Stephen N. G. Davies & K. W. Chau & Ken S. T. Ching & Mark H. Chua & H. F. Leung & Frank T. Lorne, 2018. "The determination of the “true” property boundary in planned development: a Coasian analysis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 61(3), pages 579-599, November.
    5. Franklin Obeng‐Odoom, 2021. "Economic Insanity," American Journal of Economics and Sociology, Wiley Blackwell, vol. 80(2), pages 747-755, March.

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