ABSTRACT
The physical attributes of a proprietary land unit consist of a land mass disturbed in its natural order by erections and excavations of various kinds. Proprietary land resources are a particular arrangement of wealth. The primary tenet of the morphological theory of capital is the proposition that capital is not a homogeneous mass to be handled in the lump. Recognition of the stark indeterminacy of the combinations of capital goods marks off the morphological theory of capital from the static concepts implicit in the equilibrium analysis of the classical theories which conceive of capital as a homogeneous aggregate. Physical attributes restrict manœuvrability when the cost of removal is beyond the fortune of the holder of the proprietary land unit to finance. If the motive for holding a proprietary land unit is to preserve the ancient buildings, then the old buildings do not act as a restraint upon the plans of the holder and upon the maneuverability of the other assets.
