Land and Its Taxation as Issues in Economic Theory: What Is the Reason for Their Eclipse?

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Abstract
Abstract. Despite the continuing practical importance of the subject, land and its taxation have lost their prominence in modern economic theory. This evolution in economic thought is traced briefly. An explanatory hypothesis is offered based on the theoretical bias of the two major traditions in neo‐classical theory: the Marshailian tradition does not distinguish land from capital (treating land as only one among many forms of capital) while the Walrasian tradition cannot distinguish capital from land (treating capital as an “original” factor similar to land). Though both Alfred Marshall and Léon Walras had a considerable interest in questions of land taxation, their followers, on the whole, have been neither able to overcome nor have they even been aware of the confinement of their respective theoretical perspectives.

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