Anatomy of Land Speculation

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Abstract
The function of land markets should be to assure the most economic and efficient use of land, but planners are fully aware that in the real world this goal is infrequently achieved. Land markets contain many legal and institutional requirements and restrictions which can cause them to deviate markedly from the economist's ideal theoretical model. Particularly when speculation is present, activity can alter the basic legal nature of the traded commodity (land) and can alter basic supply and demand forces operating in the market. Aftereffects of speculation can persist in land markets long after the speculative episodes themselves have died down and disappeared.

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