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Yes, productivity of land can grow (in all sorts of ways), but if the ownership of the land is unequal, all this does is increase the rent on the land for those
by bufordsharkley 11y ago
Yes, productivity of land can grow (in all sorts of ways), but if the ownership of the land is unequal, all this does is increase the rent on the land for those lucky enough to have it...
- AnimalMuppet 11y agoNot so fast. If I double the productivity of my farmland, I increase the rent on my land (but typically I have to invest in it to get that, so it's not just rent in the economic sense of the word). But if everybody doubles the productivity of their farmland, the price of wheat falls through the floor, and the landowner may be even worse off than before, while consumers get a windfall.