Essays in Political Economy (Theoretical an Applied Aspects) Chapter 6. Political Economy and Land

In this chapter, the author examines the political and economic basis of land ownership. Earth is not a manmade good, but investing some money can improve its properties. In addition the value of land can be increased as a result of improved transportation and other types of infrastructure. The owner (lessee) extracts in the production of economic rent, the value of which is the amount of output that exceeds the size of a proper remuneration for the farmer.