> Land in the right place is not merely economically scarce, it's economic land
I don't see how there's anything particularly special about land that warrants construing it as something fundamentally different from any other scarce resource.
> Supply and demand doesn't work for land because there's no new supply.
I'm not sure that I agree that there is no new supply of land in an economic sense -- developments that increase the productivity of land use are functionally equivalent to those that increase the physical supply -- but regardless, the law of supply and demand operates the same whether the supply on the market is new or old.
I don't see how there's anything particularly special about land that warrants construing it as something fundamentally different from any other scarce resource.
> Supply and demand doesn't work for land because there's no new supply.
I'm not sure that I agree that there is no new supply of land in an economic sense -- developments that increase the productivity of land use are functionally equivalent to those that increase the physical supply -- but regardless, the law of supply and demand operates the same whether the supply on the market is new or old.