Spencer Heath Archive

Item 2791

Penciled scrap of a draft of a letter on back of a bank statement, the second paragraph taken down in dictation by Spencer MacCallum.

August 1958

It is gratifying to note that the nature of private property in land is beginning to be examined by professional economists and at least one other Foundation is taking steps towards a rational understanding of this institution and the essential service performed by this institution in a free society.

 This article is the first explicit recognition that has come to our attention of the social function of modern property in land.