" The wealth-income ratio in the United States has always been lower than in Europe. The main reason in the early years was that land values bulked less in the wide open spaces of North America. There was, of course, much more land, but it was very cheap. "
- Robert Solow

The quote discusses the differences in wealth-income ratios between the United States and Europe during early periods of development. It highlights that the value of land played a significant role in these discrepancies, with America's vast open spaces contributing to relatively lower land values compared to those in Europe.

At its core, this statement delves into how economic landscapes are shaped by geographical factors such as available resources and space. Robert Solow points out that while the U.S. had an abundance of land, it was less expensive than the land in Europe, where limited availability drove up prices significantly. This observation underscores how resource scarcity or abundance can influence economic measures like wealth accumulation and income distribution. In a broader context, this quote highlights how initial conditions can set long-term economic trends and ratios that affect national economies over time.

Robert Solow is a renowned American economist who has made significant contributions to the field of economics, particularly in the area of growth theory. He was awarded the Nobel Prize in Economic Sciences for his work on the role of technology in economic development. His insights often consider long-term economic trends and their foundational elements, such as those addressed in this quote about wealth and land values across different regions.