The Fallacy of "Buy Land -- They're Not Making Any More"

“Buy land -- they’re not making any more!” is an old investing chestnut, and a commonsense one to boot. Economically, it’s also completely false.

As counter-intuitive as it may seem, we make land all the time. It just doesn’t look like land.

Why? Because land’s value doesn’t come from its ability to cover up the naked earth. Land’s value comes from its ec…