Economists define land as all natural resources including mineral deposits, forests, fish stocks, and portions of the electromagnetic spectrum. This category includes geostationary orbits above the equator because their supply remains fixed regardless of price changes. No amount of money or labor can increase the number of available acres on Earth.
Universities like Cambridge have offered courses studying land economy alongside law and business regulation since 1917. William Cecil Dampier suggested creating a school of rural economy at that institution decades ago. These programs address the persistent issue known as the land question through academic study.
Conflicting claims over geographic locations historically lead to disputes over their economic rent. Civil wars erupted across South Africa when groups fought for control of mineral deposits. Similar conflicts arose in Canada regarding indigenous rights to traditional territories.
Henry George championed the view during the late 19th century that market inventories of land display an inverse relationship to price changes. A negative elasticity means higher prices do not bring more land onto the market. Taxing this fixed asset would not affect the opportunity cost of using land while keeping usage patterns stable.
In the UK, the non-produced asset of land accounts for 51% of the country's total net worth. This figure implies that natural resources play a more critical role than manufactured capital. Advanced economies rely heavily on these fixed assets for overall financial stability.