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Revisiting Land, Labor, and Capital in Neoclassical Economics

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  • Antoine Missemer
  • Antonin Pottier

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.

Suggested Citation

  • Antoine Missemer & Antonin Pottier, 2025. "Revisiting Land, Labor, and Capital in Neoclassical Economics," Land Economics, University of Wisconsin Press, vol. 101(4), pages 566-584.
    • Handle: RePEc:uwp:landec:v:101:y:2025:i:4:p:566-584
    Note: DOI: https://doi.org/10.3368/le.101.4.021225-0009
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    File URL: http://le.uwpress.org/cgi/reprint/101/4/566
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    More about this item

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land

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