This is an introductory slide show explanation of land’s role in the business cycle.
Wise WordsIt is not a question of stopping "growth." There is no need to divide into factions for and against growth. We can grow by combining more labor with the same land and capital. It is simply a matter of modifying processes and products and consumption. Each time the capital recycles it can embody new techniques as well. Growth of capital is not needed for progress; turnover is. And since the way to substitute labor for capital is to turn over capital faster, this also accelerates embodiment of new knowledge in real capital.-Mason Gaffney