• In economics, land comprises all naturally occurring resources whose supply is inherently fixed. , it is a factor of production besides, labour and capital.
• To planners, land is an intangible space on which development activities take place, contributing to its use and value.
• To farmers, it is the productivity of soil.
• Land is thus a social and physical entity.
Land economics can be defined as the study of the relationship between human being and land. Land in the aspect which covers the totality of the environment and it’s fundamental to man’s survival. This is true because this provides us with working space, and also provides us with biological and natural capital in addition to other resources of land. It is also our source of food, clothing and a host of other raw materials.
Let’s say it like this, land economics can be defined as the economic relationship between land and man. However, land economics is the subject matters that deal with man’s economic use of resources of earth, (the economic, biological, and institutional factors) that controls, affect his use for those resources.
Neoclassical theory of land economics focusses on the marginal productivity of land.
• The Law of Rent states that the rent of a land site is equal to the economic advantage
obtained by using the site in its most productive use, relative to the advantage obtained
by using marginal (i.e., the best rent-free) land for the same purpose, given the same
inputs of labor and capital.
• According to Ricardo, parcels of land differ in their fertility. The most fertile land is put
into production first, and as agricultural production expands less and less fertile parcels
are added; the rent for less fertile parcels is lower than the rent for more fertile
The main focus of economics is land, because it is less rewarding to focus more on land without relating it to other determinant of production. And this also involve a variety of relationships, whom are always concerned with problems and situation in land, its uses and control is then regarded as a factor of strategic importance.
Urban land economics is interested more about problems of urbanization, housing, redevelopment, industrial and commercial location also with urban real finance and marketing.
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Urban Development Management Study notes for M. plan Sem-III
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