The ratio of total value of land to nominal GDP, 2.8, has returned to the level of the pre-bubble period (Figure 4).
The fundamental price of land in the long run can be formulated as determined by the land rent, the discount rate (that is, the rate of time preference) and  2  In my calculation, the desirable rate of increase in labor productivity on the “goldenest golden rule” growth path ranges from 6 to 7 percent under the assumption of a zero time preference rate.