owing to poor harvests’. Who can plan the weather? See S. Menshikov, The Economic Cycle: Postwar Developments, Moscow: Progress Publishers, 1975, and T. Khachaturov, The Economy of the Soviet Union Today, Moscow: Progress Publishers, 1977, p.337.
3 Capital, Vol. I, op. cit., p. 580.
4 Progress and Poverty, op. cit., p. 264.
5 Ibid.
6 S. Kuznets, Capital in the American Economy, Princeton University Press, 1961.
7 G. F. Warren and F. A. Pearson, World Prices and the Building Industry, New York: John Wiley & Sons, 1937, p.97; R.C.O. Matthews, The Trade Cycle, Cambridge University Press, 1959, p.214, n.1; and A. Shonfield, Modern Capitalism, London: Oxford University Press, 1969, pp.21, n.1 and 28.
8 Op. cit., p.424.
9 H. Hoyt, One Hundred Years of Land Values in Chicago, University of Chicago Press, 1933.
10 H. Hoyt, ‘The Urban Real Estate Cycle — Performances and Prospects’, in Urban Land Institute Technical Bulletin No. 38, June 1950, pp. 7-8, and Warren and Pearson, op. cit., p. 151, Table 4.
11 For a discussion on the distorting influence of the World Wars, see Shonfield, op. cit., p. 27.
12 Thompson, ‘The Land Market’, op. cit., p.47.
13 D.J.J. Botha, Urban Taxation and Land Use, Report of a one-man Commission appointed by the City Council of Port Elizabeth, South Africa, 1970, p.23.
14 B.Jordan, ‘“Abandoned” Madrid plot worth £5m’, Financial Weekly, 13.6.80.
15 Whatever the motives of the owners, of course, the disruptive effects on the economy are still the same. Madrid, for example, was obliged to urbanise around the vacant site, which meant that rural land was developed needlessly and people were forced to commute to the city that bit further than was necessary.
16 H.J. Brown, R.S. Phillips and N. A. Roberts, ‘Land Into Cities’, Cambridge, Mass.: Lincoln Institute of Land Policy, 1980, mimeo.
17 Brown et al., ‘Land Ownership and Market Dynamics at the Urban Periphery: Implications for Land Policy Design and Implementation’, World Congress on Land Policy 1980, editors: M. Cullen and S. Woolery, Lexington, Mass.: Lexington Books, 1982, p. 131.
18 M. M. Bruton and A. Gore, ‘Vacant Urban Land in South Wales’, Cardiff: Dept, of Town Planning, University of Wales Institute of Science and Technology, Vol. 1, p.74.
19 ‘The Strange Leveling Off in Land’, Fortune, Oct. 1963, p. 124, which notes (p. 128): ‘True, most US real estate is bought with borrowed money, and the speculative land buyer must pay stiff interest rates, but these will hardly prompt a cut-price sale so long as the land increases in value without a lift of the owner’s finger’.
20 G. D. H. Cole, ‘Capitalism’, A Dictionary of the Social Sciences, editors: J. Gould and W. L. Kolb, London: Tavistock Publications, 1964.
21 ‘We conclude that it is meaningful to distinguish two income shares, which we have termed employment (labour) and property income; that this distinction bears considerable similarity to the Marxian and neo-Keynesian classification of income by class shares, but much less resemblance to neo-classical concepts of “factor shares”.’ J.King and P. Regan, Relative Income Shares, London: Macmillan, 1976, p.14.
22 Matthews, op. cit., p. 93.
23 Ibid., p.273.
24 Ibid., p.61.
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