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Excerpt from Effect of Changing Prices Upon Income to Land From Cattle and Sheep Ranching, as Illustrated by Data for Montana, 1910 to 1936
Strictly speaking, rent is paid for he use of land only, and not for the use of improvements on the land. When these improvements cannot be detached, and when similar improvements are necessary in order to use the land efficiently rent is paid to cover both land and improvements. Capital has frequently been invested in the land itself, in clearing, draining, or irrigating, as well as on the land, for buildings, fences, or other improvements. Rent, as we ordi~ narily see it, consists partly of a return to land and partly of a return to previously invested capital.
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