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In a reccnt and stimulating article, Martin Feldstein (1977) reconsiders the Ricardian proposition that a tax on pure rent is fully capitalized in the price of land. As Feldstein points out, the classical proposition that a tax on pure rent is unshiftcd requires that the supplies of nonland factors of production are unaltered by the introduction of the tax on land rents. This static assumption of fixed factor supplics is inappropriate to the analysis of tax incidence in a dynamic economy in which the supply of capital reflects the cconomic choice between consumption and saving. In Feldstein's analysis the intro-duction of a tax on land rents leads to an increased supply of capital. Assuming a fixed supply of labor and land, the increased supply of capital raises the marginal productivity of land and lowers the marginal productivity of capital, thus shifting the tax from land onto capital. Indeed, Feldstein shows that both the net rental and …