This is an introductory slide show explanation of land’s role in the business cycle.
Quote"Scarcity of employment" is a comparatively new complaint in the United States.... There was "scarcity of employment" in Europe, but on this side of the Atlantic the trouble... was "scarcity of labor." It was because of this "scarcity of labor" that negroes were imported from Africa and indentured apprentices from the Old Country, that men who could not pay their passage sold their labor for a term of years to get here, and that that great stream of immigration from the Old World that has done so much to settle this continent set in. Now, why was there "scarcity of employment" on one side of the Atlantic and "scarcity of labor" on the other? ... It was that in this country land was cheap and easy to get, while in Europe land was dear and hard to get. Land has been steadily growing dear in the United States, and as a consequence we hear no longer of "scarcity of labor." We hear now of "scarcity of employment."-Henry George
Land Value Taxation and the Built Environment