Originally published in 1957. This book applies modern economic theory to the subject of land economics. The author is primarily concerned to show the role of analysis, with the main emphasis on urban real property. The first part discusses the working of the price mechanism in the property market. The second contains an extension and application of the analysis to property taxation and to two kinds of State intervention in the use of property. The chapter on the taxation of site values, for instance, is an original, general equilibrium analysis of the effects of taxation. The chapter on Compensation and Betterment, which ends the book, includes an analysis of recent British experience.