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Paul C. Cheshire and Christian A.L. Hilber
This important research review brings together seminal works investigating the framework upon which the economic analysis of land markets is based, stretching from the earliest insights of the founding fathers to current debates and research. Recent work on the process and implications of 'land value capitalisation' and land use regulation is well represented, for due to capitalisation, land is responsible for far more of the distribution of real incomes than is widely recognised. This research review settles this, restoring the study of land markets to its rightful place – central to economic understanding.