3 ms·
True, although it aligns with the Law of Rent. And the Law of Rent is what shows that, when there is no freely available land, then land value gains tend to nul
by nwah1 11y ago
True, although it aligns with the Law of Rent. And the Law of Rent is what shows that, when there is no freely available land, then land value gains tend to nullify any nominal increases in wages or interest from production.
The only caveat is that there are other possible "rentiers" that can capture the rent before it winds up in land. Such as patents, barriers to entry, etc.
But exclusive use of land is the first and most basic barrier to entry.