Revisiting Land, Labor, and Capital in Neoclassical Economics

Antoine Missemer () and Antonin Pottier ()
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Antoine Missemer: CNRS - Centre National de la Recherche Scientifique, CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris
Antonin Pottier: EHESS - École des hautes études en sciences sociales, CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris

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Abstract: It is usually argued that the advent of neoclassical economics led to the consideration of only two factors of production (capital and labor) instead of three (capital, labor, and land). From the 1880s to the 1920s, land and natural resources would have been marginalized and left to applied fields such as land economics. This article revisits this episode. Theoretically, it shows that there was no requirement in marginal productivity theories to subsume land into capital. Historically, it demonstrates that alternatives did exist within U.S. neoclassicism to the neglect of land and natural resources, providing inspiration for today's research

Date: 2025
New Economics Papers: this item is included in nep-his
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Published in Land Economics, 2025, 101 (4), pp.566-584. ⟨10.3368/le.101.4.021225-0009⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05317155

DOI: 10.3368/le.101.4.021225-0009

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