"...rent can be fixed exactly; — but there is no means by which to determine with certainty how many rents would be required to give the value of the land. Why is there no such means in the case of land as there is in the case of capital? The answer is simple. Capital reproduces itself in the gross return as a part of that gross return. Thus there is a fixed relation between the two 'known' quantities, gross return and net return, and the 'unknown' quantity, capital value; and this relation gives the measure for capitalisation. Land has not the same double position as productive factor and as product. It produces without being reproduced; and thus, to determine the value of land, it becomes necessary to bring to our aid the standard for capitalisation which we find in capital." - Friedrich von Wieser, ***Natural Value*** (1893) p. 139. Retrieved from Online Library of Liberty.

Natural Value | Online Library of Liberty

An early and significant contribution to the Austrian theory of value.

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@birdOFFLINE Name some strong and weak arguments against MMT besides "hyperinflation is bad"

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