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Revisiting Land, Labor, and Capital in Neoclassical Economics

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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)

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," Post-Print hal-05317155, HAL.
    • Handle: RePEc:hal:journl:hal-05317155
    DOI: 10.3368/le.101.4.021225-0009
    Note: View the original document on HAL open archive server: https://enpc.hal.science/hal-05317155v1
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