Agricultural Land Price and Agricultural Technological Progress

This paper includes the concepts of land rent from the standpoint of modern economics and accounts for the contributing factors in the formation of the agricultural land price during the pre-war and the post-war periods. It can be said the agricultural land price in the later Taisho period was conditioned by farm rent and as far as the pure farming region is concerned, the agricultural land price in the post-war period is also explained considerably by net returns per 10 ares of land, which is capitalized by an 8 percent interest rate. Furthermore, the increase in agricultural land price, based on the premises of constant return to scale and the supported price of farm products, has demonstrated that the rise in the agricultural land price is sufficiently explained by technological progress in rice production. Though various factors are considered important in the contribution to the formation of the agricultural land price in this paper the main emphasis is based upon the fact that the interior factors of agriculture considerably elucidate its formation throughout the pre-war and the post-war period. This is especially applicable to the agricultural land price in pure farming regions