While economists debate whether the U.S. is about to take off on another inflationary spiral, inflation is already rampant in one key area of economic life: land. In many cases, the price of land has risen as much as 1,000% in the last decade. A growing population, the migration from cities to suburbia, increased prosperity and widespread speculation have all pushed up land prices and made old Henry Ford's dictum come true in a way that he never anticipated: "The soil is the source of wealthnot the banks." The worth of all the land in the U.S. is half...
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