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Article: Asset effects in land price formation in agriculture: the evidence from South Asia.(LAND PRICING AND AGRARIAN REFORMS)(Report)
- Article from:
- Pakistan Development Review
- Article date:
- December 22, 1996
- Author:
CopyrightCOPYRIGHT 1996 Reproduced with permission of the Publications Division, Pakistan Institute of Development Economies, Islamabad, Pakistan. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The purpose of this paper is to examine the land market behaviour in South Asia, taking the most technologically advanced Punjab (both Pakistan and India) as an example, and to consider the disparity issues in development.
Land market in Punjab was given momentum when the private proprietorship of land was established in the middle of the 19th century. Land market behaviour in terms of the lent-land price ratio or the profitability of investment in land cannot be explained by the conventional rent theory. Land price has never been the discounted value of rent. We try to explain the market behaviour by incorporating asset effects in addition to the technological ...