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06:29
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Originally posted by jamie098:
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You need to read the work of Adam Smith in the context of his lifetime. Also the assumption that people will act in a rational way in the real world is not true as people do not act rationally so that rational assumption makes a lot of economic theory from the past imperfect. Land, Labour, Capital and Enterprise produce the rewards for people who live in a modern society, The reward for land is rent and if value is added to the land the rent will be greater. Rent is what people are willing to pay for use of the land and is the reward for landowners. Land is real and and as the population increases becomes more scarce and valuable. Go study basic Economics, work hard and Aquire some land so you can get rent to satisfy your hunger for money instead of complaining about the quests of others. Even China today allows property ownership and as a result the standard of living has risen there as a very positive outcome in the modern world. Much more than when all land was owned by the state until recent times.
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Hi jamie098, I would think that most people on here understands the four factors of production, and there is no argument about that, the thing that most people are upset with is the hand out by the government to people who mostly already own a house, which of course distorts the market in favor of the land lord.
