This blessed plot: when should capital gains on land be regarded as income
研究了土地资本利得是否应计入收入，发现开发项目带来的地租和地价上涨通常不算真实收入，但外生土地节约型技术进步导致的资本利得可视为收入。
National balance sheets for a number of advanced economies show land to be a valuable form of natural capital, whose value has increased sharply over the last twenty years or so. This paper investigates when or whether capital gains on land should be counted as a component of income. While development projects can lead to increases in rental rates and land values, it is shown that, although the benefits any project should be counted as income, increases in rental rates and land values should not normally be seen as additional real income. However if land benefits from exogenous land-saving technical progress the resulting capital gains can be seen as income. Applying the same principle to human capital it is shown, on a steady growth path, that these capital gains are equal to Weitzman’s (1997) growth premium in the relationship between income and sustainable consumption.