Abstract
The research on the determinants of farmland prices, as well as land market analysis, are recurrent topics in the history of economic thought. In this respect, the aim of this study is to research the concepts of these determinants and, more specifically, to systemize the economic thinking about land markets. For this purpose, distinctive features of classical, Marxist and neoclassical schools of economics were recovered. The work provides the theoretical arguments about the “land price paradox” and complements them with the new institutional economics view on the determinants of farmland prices. Finally, comments are made about the contribution of the theoretical debate about land markets.
Keywords:
Land value; Land rent; Agricultural economics; Economic theory; Land prices