Location, location, location

This article from the St. Paul Pioneer Press, "Home values linked to commuting costs," discusses location theory as outlined by the German economist/geographer John Von Thunen, back in 1826. From the article:

Von Thunen not only explained the spatial organization of production activities, but how land values varied with location. Independently of his better-known contemporary, British economist David Ricardo, von Thunen explained how the value of land depends on the value of what it produces. He related this not only to the land's intrinsic productivity but also to its location and to transport costs.

Thanks to The Overhead Wire for pointing out this story.