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A power to acquire land by a public authority under delegation from the government provides that the land be purchased by negotiation or in the event of failure by the parties to reach an agreement by compulsory process. In any case, the affected owner should place in the same financial position as he was before, the land was taken. The owner is entitled to the 'value' of the land taken. That is the value to an owner.
What factors are to be taken into account in determining the value to an owner?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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