But you don't have much choice to shop around with monopoly. As Adam Smith observed, the rent of land is naturally a monopoly price and spatial monopoly is natural.
But it's not homogeneous. Scarcity rents exist. Competition to acquire a monopoly is not a free market. By definition, future generations cannot compete on equal terms with those who can get land earlier. Only by charging a fair market rent over time can there be equality of access to land within and between generations.
I really wanted to read about Coasean faculty changes - but the link (and google) didn't work. Can you please provide that again?
But you don't have much choice to shop around with monopoly. As Adam Smith observed, the rent of land is naturally a monopoly price and spatial monopoly is natural.
There is a lot of land, with many different owners.
But it's not homogeneous. Scarcity rents exist. Competition to acquire a monopoly is not a free market. By definition, future generations cannot compete on equal terms with those who can get land earlier. Only by charging a fair market rent over time can there be equality of access to land within and between generations.
Ever heard of an apartment building? 😂
I’m afraid that SOB might bite me!
Rationality: ever-present, seldom fully employed.
Speaking of myself, here, and maybe others, too...