Abstract

CORREA RESTREPO, FRANCISCO. AN ANALYTICAL REVIEW ABOUT THE ROLE OF LAND IN THE ECONOMIC THEORY OF DAVID RICARDO. Rev.fac.cienc.econ. [online]. 2015, vol.23, n.1, pp.103-114. ISSN 0121-6805.

The main objective of this paper is to analyze the resource of land from the economic theory of David Ricardo as a first approach to the economic analysis of natural resources. This is done through an analytic review of the literature on the work of Ricardo and other authors that have covered this subject. In this sense, the concept of ground rent is examined as well as the approaches around the so-called law of diminishing returns. Also, some critical thoughts are established about the approach to land rent. The results show that the concept of opportunity cost is absent from Ricardo's work on the income of land which implies a conceptual reconsideration on the income, in order to encompass the economic analysis on natural resources.

Keywords : Environmental economy; Economic theory of Ricardo; Income of the land; Law of diminishing returns; Agriculture.

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