Mises Wire
Author:
Peter St. Onge
Online Publish Date:
“Buy land — they’re not making any more!” is an old investing chestnut, and a common sense one to boot. Economically, it’s also completely false. As counterintuitive as it may seem, we make land all the time. It just doesn’t look like land. Why? Because land’s value doesn’t come from its ability to cover up the naked earth. Land’s value comes from