UNEXHAUSTED VALUE OF LAND IMPROVEMENTS AND ABSOLUTE RENT : COGITATION BASED ON THE EXPERENCE OF BRITISH AGRICULTURE
Grant-in-Aid for Scientific Research (C)
|Allocation Type||Single-year Grants |
|Research Institution||TOHOKU UNIVERSITY |
TSUGE Norio Tohoku University, Graduate School of Economics and Management, Professor, 大学院経済学研究科, 教授 (80281955)
|Project Period (FY)
2005 – 2006
Completed (Fiscal Year 2006)
|Budget Amount *help
¥2,100,000 (Direct Cost: ¥2,100,000)
Fiscal Year 2006: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 2005: ¥1,500,000 (Direct Cost: ¥1,500,000)
|Keywords||AGRICULTURAL ECONOMICS / ECONOMIC THEORY|
In this project, we examined the argument on the unexhausted value of land improvements in the pure theory of capitalism, as well as the argument by Sakamoto that interpreted the absolute rent as an afterimage of the rent proportional to the yield.
Major findings of this study are as follows :
1. Unexhausted value of land improvements in the pure theory of capitalism
First, many economists has adopted the power of landownership as the cause of difficulties with tenants' land improvements.
Second, Uno who discussed the differential rent II in dynamic manner had a correct view in that problems came from the unforeseeable nature of additional land investments. However he did not reach recognition that those problems could be resolved.
Third, such difficulties in the pure theory of capitalism can be resolved by institutionalizing a custom of tenant-right to compensation in order to internalize costs and benefits of tenants' land improvements.
2. Survey of the Compensation for unexhausted Value of Improvements
We found the following facts. First, regional variation of the valued amounts of such compensations reduced after the 1948 Agricultural Holdings Act had been enacted. Second, all that matters in the present day is the variation of valued amounts of compensation among the valuers rather than the regional variation of them. Third, there is a special compensation item in hill farming regions. Fourth, enactment of the compensation for unexhausted value of land improvements seems to be a phenomenon which is restricted within the United Kingdom and France.
3. Survey of the rent
We found the fact that the deviation of actual rent from the economic surplus as rent, observed in the process of the Great Agricultural Depression in the later 19th century should be understood due to being in arrears rather than rent determination formula by yield apportionment Sakamoto argued.
Report (3 results)
Research Products (2 results)