Adam Smith and the concept of natural capital

Nathaniel Wolloch

Ecosystem Services, 2020, vol. 43, issue C

Abstract: This article traces the early conceptualization, though not the term itself, of natural capital in the thought of Adam Smith. Natural capital is defined as the idea of natural resource production independent of human intervention. The main modern scholarship regarding the history of the term “natural capital” in economic thought is overviewed. Adam Smith’s early recognition of the concept of natural capital, specifically in connection with agricultural production, is then outlined, noting that while this was not a central part of his political-economic thought, it does prove that the conceptualization of natural capital was part of modern economic discourse from its early formulation in the eighteenth century.

Keywords: Adam Smith; Natural capital; The history of economic thought; The eighteenth century; Agricultural production (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecoser:v:43:y:2020:i:c:s2212041620300395

DOI: 10.1016/j.ecoser.2020.101097

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