I think the USA might have been a one time opportunity. Normally you don't discover a new large continent and build it up gradually over 200 years. And it's changing now. The small ethnic groups is a stronger argument but Israel aside they don't tend to be a country.
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Mostly abstract as per
@Pete21083's reply. Concrete either historically because before the industrial revolution there was not much else but land, or during a complete rebuilt like China after Mao or EU after WWII when you sort of made a country empty.
1. Land prices. I don't think cheap land is all that important. Plus, it tends to be correlated with lack of economy dynamism. Even after controlling for that, it doesn't matter. Sure SV is more expensive today than 10 years ago, but 10 years ago it was fucking expensive!
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The most valuable new companies in the world are getting build where land is expensive, not cheap. When you raise the type of money necessary to build a billion dollar startup you can pay $10k/month in personal rent.
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2. Cheap land in the abstract sense. One of the most powerful, replicate-able effects in psychology is anchoring. This manifests itself in effort and ambition. Whether it's an immigrant who sees how much more he earns per hour in America vs. his home country or a 1st generation
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