In economics, land has been traditionally assumed to be a fixed production factor, as opposed to capital and labor, which are usually considered to be mobile factors. The contemporary process of large-scale land acquisitions and “commodification” of land has taken economists by surprise.
This paper reviews the evolution over time of the concept of land in economics. Indeed, different branches of economic thought pointed out that the location of land in space matters; that land is a living and fundamental component of the ecosystem; that it is a valuable economic asset ; eventually, that land is intrinsically connected to societies, cultural and spiritual identities, and institutions.
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