Highly technical and convoluted treatise. As always, theory remains just that unless and until proven!

While land prices may not be simply a matter of supply and demand? Deliberately created scarcity, can force prices way past normal inflation!

Moreover, any edifice constructed on any site depreciates, deteriorates and decays with age! Given this is so, it's hard to quantify any incorporated value for having to demolish something well past its use by date?

But instead ought to reduce the overall value, and be read as a punitive cost against it! Doing otherwise adds to the bubble created by deliberately contrived confected scarcity!

Other than that, overvaluing and overleveraging does the same thing, only more so! As does marketing overvalued overleveraged land to foreign debt laden speculators, captured by massively massaged value and fatuously assigned potential profit? That can disappear in mere minutes with a bubble burst and consequent financial calamity!

And all too easy to create, when domestic debt is at an all time record high and rising, waiting for that day when not if, interest rates will rise, with the very next economic downturn! Easy to avoid, but with a very different paradigm from the one that creates economic bubbles?

And that's as simple as the government borrowing like there's no tomorrow, via thirty year self terminating government guaranteed bonds! For which there are literal trillions of foreign capital waiting to be captured; minus the foreign ownership and control or forgone economic sovereignty!

Albeit, exclusively invested in projects with a guaranteed return! Dams, rapid rail, bulk freight forwarding via our own nuclear powered national fleet and myriad, cheaper than coal power projects!

And last but not least, the construction of an inland shipping canal, that also serves as a permanent source of endlessly sustainable recoverable desalinated water! Land and ever reliable water= enduring economic growth no longer dependant on population growth!
Alan B.

Bryan, the same applies to the valuing of commodities. This invalidates your theory.

Plus you offer no basis for your absurd assumptions about the nature or role of the State, which assumptions you make no attempt to even identify let alone justify.

This invalidates your theory twice over independently, as to both economic and as to political theory.

Life through the eyes of a "bean counter"...God save us!
What the real estate market in this country really needs, (to be socially acceptable), is a bomb under it..(euphemism).
To become socially acceptable, a taste of the Russian revolution circa 1916, not the Chinese revolution it is experiencing now, is overdue.