Revisiting Land, Labor, and Capital in Neoclassical Economics

References

1. ↵
   1. Acemoglu, Daron

   . 2021. “What Climate Change Requires of Economics.” Available at https://www.project-syndicate.org/magazine/what-climate-change-requires-of-economics-by-daron-acemoglu-2021-09.
2. ↵
   1. Akerman, Maria

   . 2003. “What Does ‘Natural Capital’ Do? The Role of Metaphor in Economic Understanding of the Environment.” Environmental Values 12: 431–48. https://doi.org/10.3197/096327103129341397.

   OpenUrlCrossRefWeb of Science
3. ↵
   1. Albritton Jonsson, Fredrik, and
   2. Carl Wennerlind

   . 2023. Scarcity: A History from the Origins of Capitalism to the Climate Crisis. Cambridge, MA: Harvard University Press.
4. 1. Alcott, Blake

   . 2005. “Jevons’ Paradox.” Ecological Economics 54 (1): 9–21. https://doi.org/10.1016/j.ecolecon.2005.03.020.

   OpenUrlCrossRefWeb of Science
5. 1. Banzhaf, H. Spencer

   . 2006. “The Other Economics Department: Demand and Value Theory in Early Agricultural Economics.” History of Political Economy 38 (S1): 9–31. https://doi.org/10.1215/00182702-2005-015.

   OpenUrlFREE Full Text
6. 1. Banzhaf, H. Spencer

   . 2023. Pricing the Priceless: A History of Environmental Economics. Cambridge, MA: Cambridge University Press.
7. 1. Barbier, Edward B.

   2019. “The Concept of Natural Capital.” Oxford Review of Economic Policy 35 (1): 14–36. https://doi.org/10.1093/oxrep/gry028.

   OpenUrlCrossRef
8. 1. Berndt, Ernst R.

   1978. “Aggregate Energy, Efficiency, and Productivity Measurement.” Annual Review of Energy 3: 225–73. https://doi.org/10.1146/annurev.eg.03.110178.001301.

   OpenUrl
9. 1. Bowen, Francis

   . 1870. American Political Economy Including Strictures on the Management of the Currency and the Finances Since 1861 with a Chart Showing the Fluctuations in the Price of Gold. New York: Charles Scribner.
10. ↵
    1. Bye, Raymond T.

    1925. Principles of Economics. New York: Alfred A. Knopf.
11. ↵
    1. Cannan, Edwin

    . 1894. A History of the Theories of Production and Distribution in English Political Economy from 1776 to 1848. London: Rivington, Percival.
12. ↵
    1. Carey, Henry C.

    1837. Principles of Political Economy. Philadelphia: Carey, Lea and Blanchard.
13. ↵
    1. Carlson, Valdemar

    . 1968. “The Education of an Economist before the Great Depression: Harvard’s Economics Department in the 1920’s.” American Journal of Economics and Sociology 27 (1): 101–12. https://doi.org/10.1111/j.1536-7150.1968.tb01031.x.

    OpenUrlCrossRef
14. ↵
    1. Chappey, Jean-Luc, and
    2. Julien Vincent

    . 2019. “A Republican Ecology? Citizenship, Nature and the French Revolution (1795–1799).” Past and Present 243 (1): 109–40. https://doi.org/10.1093/pastj/gtz003.

    OpenUrl
15. 1. Cherrier, Béatrice

    . 2023. “The Price of Virtue: Some Hypotheses on How Tractability Has Shaped Economic Models.” Œconomia: History, Methodology, Philosophy 13 (1): 23–48. https://doi.org/10.4000/oeconomia.14116.

    OpenUrl
16. 1. Chirat, Alexandre, and
    2. Charlotte Le Chapelain

    . 2020. “Economic Analysis of Education in Post-War America: New Insights from Theodore Schultz and John Kenneth Galbraith.” Journal of the History of Economic Thought 42 (1): 61–78. https://doi.org/10.1017/S1053837218000779.

    OpenUrl
17. ↵
    1. Clark, John Bates

    . 1886. The Philosophy of Wealth: Economic Principles Newly Formulated. Boston: Glinn.
18. ↵
    1. Clark, John Bates

    . 1888. “Capital and Its Earnings.” Publications of the American Economic Association 3 (2): 9–69.

    OpenUrl
19. ↵
    1. Clark, John Bates

    . 1891. “Distribution as Determined by a Law of Rent.” Quarterly Journal of Economics 5 (3): 289–318.

    OpenUrlCrossRef
20. ↵
    1. Clark, John Bates

    . 1899. The Distribution of Wealth. A Theory of Wages, Interest and Profits. New York: Macmillan.
21. ↵
    1. Cobb, Charles W., and
    2. Paul H. Douglas

    . 1928. “A Theory of Production.” American Economic Review 18 (1): 139–65.

    OpenUrlWeb of Science
22. ↵
    1. Collier, Charles F.

    1979. “Clark and Patten: Exemplars of the New American Professionalism.” In Critics of Henry George: A Centenary Appraisal of Their Strictures on Progress and Poverty, edited by Robert V. Andelson, 261–72. London: Associated University Press.
23. ↵
    1. Czech, Brian

    . 2009. “The Neoclassical Production Function as a Relic of Anti-George Politics: Implications for Ecological Economics.” Ecological Economics 68 (8–9): 2193–97. https://doi.org/10.1016/j.ecolecon.2009.04.009.

    OpenUrl
24. ↵
    1. Daily, Gretchen C.

    1997. Nature’s Services: Societal Dependence on Natural Ecosystems. Washington, DC: Island Press.
25. ↵
    1. Dasgupta, Partha S.

    2021. The Economics of Biodiversity: The Dasgupta Review. London: H. M. Treasury.
26. ↵
    1. Davenport, Herbert J.

    1908. Value and Distribution: A Critical and Constructive Study. Chicago, IL: University of Chicago Press.
27. 1. DesRoches, C. Tyler

    . 2014. “On Aristotle’s Natural Limit.” History of Political Economy 46 (3): 387–407. https://doi.org/10.1215/00182702-2796197.

    OpenUrlAbstract/FREE Full Text
28. 1. DesRoches, C. Tyler

    . 2015. “The World as a Garden. A Philosophical Analysis of Natural Capital in Economics.” Ph.D. dissertation, University of British Columbia.
29. 1. DesRoches, C. Tyler

    . 2018. “On the Historical Roots of Natural Capital in the Writings of Carl Linnaeus.” Research in the History of Economic Thought and Methodology 36 (C): 103–17. https://doi.org/10.1108/S0743-41542018000036C006.

    OpenUrl
30. 1. DesRoches, C. Tyler

    . 2020. “The Preservation Paradox and Natural Capital.” Ecosystem Services 41: 101058. https://doi.org/10.1016/j.ecoser.2019.101058.

    OpenUrl
31. 1. Dimand, Robert W.

    2019. Irving Fisher. Cham, Switzerland: Springer Nature.
32. 1. Ely, Richard T.,
    2. Mary L. Shine, and
    3. George S. Wehrwein

    . 1922. Outlines of Land Economics. Ann Arbor, MI: Edwards Brothers.
33. 1. England, Christopher W.

    2023. Land and Liberty: Henry George and the Crafting of Modern Liberalism. Baltimore, MD: John Hopkins University.
34. ↵
    1. Feder, Kris

    . 2003. “Clark: Apostle of Two-Factor Economics.” In Critics of Henry George: An Appraisal of Their Strictures on Progress and Poverty. 2nd ed., edited by Robert V. Andelson, 353–93. Malden, MA: Blackwell.
35. ↵
    1. Fenichel, Eli P.

    2024. “A New Era of Economic Measurement for the Environment and Natural Capital.” Review of Environmental Economics and Policy 18 (2): 321–30. https://doi.org/10.1086/730513.

    OpenUrl
36. ↵
    1. Fenichel, Eli P., and
    2. Joshua K. Abbott

    . 2014. “Natural Capital: From Metaphor to Measurement.” Journal of the Association of Environmental and Resource Economists 1 (1–2). https://doi.org/10.1086/676034.

    OpenUrl
37. ↵
    1. Fetter, Frank A.

    1900. “Recent Discussion of the Capital Concept.” Quarterly Journal of Economics 15 (1): 1–45. https://doi.org/10.2307/1885860.

    OpenUrlCrossRef
38. 1. Fetter, Frank A.

    1921. “Introduction.” In The Ricardian Rent Theory in Early American Economics, by John Roscoe Turner. New York: New York University Press.
39. ↵
    1. Fetter, Frank A.

    1927. “Clark’s Reformulation of the Capital Concept.” In Economic Essays Contributed in Honor of John Bates Clark, edited by Jacob H. Hollander, 136–56. New York: Macmillan.
40. 1. Fiorito, Luca, and
    2. Massimiliano Vatiero

    . 2025. “Natural Forces Matter: A Note on Simon N. Patten’s Critique of John B. Clark’s Theory of Distribution.” Ecological Economics 235: 108637. https://doi.org/10.1016/j.ecolecon.2025.108637.

    OpenUrl
41. ↵
    1. Fischman, Marianne

    . 1998. “Le lien et la limite: Une histoire des représentations du monde physique en économie de François Quesnay à Léon Walras.” Ph.D. dissertation, Université Lille 1.
42. ↵
    1. Fisher, Irving

    . 1896. “What Is Capital?” Economic Journal 6 (24): 509–34. https://doi.org/10.2307/2957184.

    OpenUrl
43. ↵
    1. Fisher, Irving

    . 1897a. “Senses of ‘Capital.’” Economic Journal 7 (26): 199–213. https://doi.org/10.2307/2957240.

    OpenUrl
44. ↵
    1. Fisher, Irving

    . 1897b. “The Rôle of Capital in Economic Theory.” Economic Journal 7 (28): 511–37. https://doi.org/10.2307/2956601.

    OpenUrl
45. ↵
    1. Fisher, Irving

    . 1904. “Precedents for Defining Capital.” Quarterly Journal of Economics 18 (3): 386–408. https://doi.org/10.2307/1884076.

    OpenUrlCrossRef
46. ↵
    1. Fisher, Irving

    . 1906. The Nature of Capital and Income. London: Macmillan.
47. ↵
    1. Fisher, Irving

    . 1908. “Davenport’s Value and Distribution.” Journal of Political Economy 16 (10): 661–79. https://doi.org/10.1086/251479.

    OpenUrl
48. ↵
    1. Foldvary, Fred E.

    2008. “The Marginalists Who Confronted Land.” American Journal of Economics and Sociology 67 (1): 89–117. https://doi.org/10.1111/j.1536-7150.2007.00561.x.

    OpenUrlCrossRef
49. ↵
    1. Furner, Mary O.

    1979. Advocacy and Objectivity: A Crisis in the Professionalization of American Social Science. Lexington: University of Kentucky Press.
50. ↵
    1. Gaffney, Mason

    . 1994a. “Land as a Distinctive Factor of Production.” In Land and Taxation, edited by Nicolaus Tideman, 39–102. London: Shepheard-Walwyn.
51. ↵
    1. Gaffney, Mason

    . 1994b. “Neo-Classical Economics as a Stratagem against Henry George.” In The Corruption of Economics, edited by Mason Gaffney and Fred Harrison, 29–163. London: Shepheard-Walwyn.
52. 1. Gaspard, Marion,
    2. Antoine Missemer, and
    3. Thomas M. Mueller

    . 2024. “A Journey into Harold Hotelling’s Economics.” Journal of Economic Literature 62 (3): 1186–1212. https://doi.org/10.1257/jel.20231700.

    OpenUrl
53. 1. George, Henry

    . 1879. Progress and Poverty. New York: D. Appleton.
54. ↵
    1. Guigou, Jean-Louis

    . 1982. La rente foncière: Les théories et leur évolution depuis 1650. Paris: Economica.
55. ↵
    1. Hédoin, Cyril

    . 2013. L’Institutionnalisme historique et la relation entre théorie et histoire en économie. Paris: Classiques Garnier.
56. ↵
    1. Jensen, Jens P

    . 1925. “Review of Principles of Economics, by Raymond T. Bye.” Annals of the American Academy of Political and Social Science 119: 158.

    OpenUrlCrossRef
57. ↵
    1. Jevons, William Stanley

    . 1871. Theory of Political Economy. London: Macmillan.
58. ↵
    1. Johnson, Alvin S

    . 1902. Rent in Modern Economic Theory: An Essay in Distribution. New York: American Economic Association and Macmillan.
59. ↵
    1. Johnson, Alvin S

    . 1907. Introductory Economics. New York: School of Liberal Arts and Sciences for Non-Residents.
60. ↵
    1. Johnson, Alvin S

    . 1909. Introduction to Economics. Boston: D. C. Heath.
61. ↵
    1. Johnson, Alvin S

    . 1952. Pioneer’s Progress. An Autobiography. New York: Viking Press.
62. ↵
    1. Kander, Astrid,
    2. Paolo Malanima, and
    3. Paul Warde

    . 2013. Power to the People: Energy in Europe over the Last Five Centuries. Princeton, NJ: Princeton University Press.
63. ↵
    1. Karp, Larry

    . 2017. Natural Resources as Capital. Cambridge, MA: MIT Press.
64. ↵
    1. Kula, Erhun

    . 1998. History of Environmental Economic Thought. London: Routledge.
65. 1. Le Chapelain, Charlotte, and
    2. Sylvère Matéos

    . 2020. “Schultz et le capital humain: Une trajectoire intellectuelle.” Revue d’économie politique 130 (1): 5–25. https://doi.org/10.3917/redp.301.0005.

    OpenUrl
66. 1. Loef, Hans-E., and
    2. Hans G. Monissen

    , eds. 1999. The Economics of Irving Fisher: Reviewing the Scientific Work of a Great Economist. Cheltenham, UK: Edward Elgar.
67. 1. Madureira, Nuno Luis

    . 2012. “The Anxiety of Abundance: William Stanley Jevons and Coal Scarcity in the Nineteenth Century.” Environment and History 18 (3): 395–421. https://doi.org/10.3197/096734012X13400389809373.

    OpenUrl
68. 1. Mangold, Yannick

    . 2025. “Complexity and Abstraction of Nature in Economic Thought.” Ph.D. dissertation, University of Hamburg, Germany.
69. 1. Marshall, Alfred

    . 1890. Principles of Economics. London: Macmillan.
70. 1. Marshall, Alfred

    . 1907. Principles of Economics. 5th ed. London: Macmillan.
71. ↵
    1. McCrea, Roswell C.

    1909. “Some Recent Text-Books in Economics.” Quarterly Journal of Economics 23 (2): 324–44. https://doi.org/10.2307/1882803.

    OpenUrlCrossRef
72. ↵
    1. Menger, Carl

    . 1871. Grundsätze der Volkswirthschaftslehre. Wilhelm Braumüller.
73. ↵
    1. Mill, John Stuart

    . 1848. Principles of Political Economy. Vol. 1. London: John W. Parker.
74. 1. Missemer, Antoine

    . 2012. “William Stanley Jevons’ The Coal Question (1865), Beyond the Rebound Effect.” Ecological Economics 82: 97–103. https://doi.org/10.1016/j.ecolecon.2012.07.010.

    OpenUrl
75. 1. Missemer, Antoine

    . 2017. Les économistes et la fin des énergies fossiles (1865–1931). Paris: Classiques Garnier.
76. 1. Missemer, Antoine

    . 2018. “Natural Capital as an Economic Concept, History and Contemporary Issues.” Ecological Economics 143: 90–96. https://doi.org/10.1016/j.ecolecon.2017.07.011.

    OpenUrl
77. 1. Missemer, Antoine

    . 2021. “The History of Environmental and Energy Economics Through the Lens of Political Economy.” In The Routledge Handbook of the Political Economy of the Environment, edited by Éloi Laurent and Klara Zwickl, 60–71. London: Routledge.
78. 1. Missemer, Antoine

    . 2025. “Frederick Tryon and the Decoupling of Energy and Economic Growth in the 1920s.” In Energy’s History: Toward a Global Canon, edited by Daniela Russ and Thomas Turnbull, 71–83. Stanford, CA: Stanford University Press.
79. 1. Missemer, Antoine, and
    2. Franck Nadaud

    . 2020. “Energy as a Factor of Production: Historical Roots in the American Institutionalist Context.” Energy Economics 86: 104706. https://doi.org/10.1016/j.eneco.2020.104706.

    OpenUrl
80. 1. Mueller, Thomas M.

    2021. “Rescuing Henry George: Optimization, Welfare, and the Monopoly Game in Harold Hotelling’s Economic Thought.” History of Political Economy 53 (5): 925–47. https://doi.org/10.1215/00182702-9395114.

    OpenUrl
81. 1. Nadal, Alejandro

    . 2016. “The Natural Capital Metaphor and Economic Theory.” Real-World Economics Review 74: 64–84.

    OpenUrl
82. ↵
    1. Nordhaus, William D

    . 2019. “Climate Change: The Ultimate Challenge for Economics.” American Economic Review 109 (6): 1991–2014. https://doi.org/10.1257/aer.109.6.1991.

    OpenUrl
83. ↵
    1. Orain, Arnaud

    . 2023. Les savoirs perdus de l’économie: Contribution à l’équilibre du vivant. Paris: Gallimard.
84. 1. Pareto, Vilfredo

    . 1896. Cours d’économie politique. Vol. 1. Lausanne, France: F. Rouge.
85. ↵
    1. Raworth, Kate

    . 2017. Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. White River Junction, VT: Chelsea Green.
86. ↵
    1. Ross, Dorothy

    . 1991. The Origins of American Social Science. Cambridge, UK: Cambridge University Press.
87. ↵
    1. Rutherford, Malcolm

    . 2011. The Institutionalist Movement in American Economics, 1918–1947. New York: Cambridge University Press.
88. ↵
    1. Ryan, Christopher K

    . 2002. “Chapter 2: Land as a Factor of Production.” American Journal of Economics and Sociology 61 (5): 7–25. https://doi.org/10.1111/1536-7150.t01-1-00241.

    OpenUrl
89. ↵
    1. Sanger, Charles Percy

    . 1907. “Review of The Nature of Capital and Income, by Irving Fisher.” Economic Journal 17 (65): 82–85. https://doi.org/10.2307/2220781.

    OpenUrl
90. ↵
    1. Schabas, Margaret

    . 2005. The Natural Origins of Economics. Chicago, IL: University of Chicago Press.
91. ↵
    1. Schultz, Henry

    . 1929. “Marginal Productivity and the General Pricing Process.” Journal of Political Economy 37 (5): 505–51. https://doi.org/10.1086/254049.

    OpenUrlCrossRef
92. ↵
    1. Schumpeter, Joseph A.

    1954. History of Economic Analysis. New York: Oxford University Press.
93. ↵
    1. Seager, Henry R

    . 1907. “Review of The Nature of Capital and Income by Irving Fisher.” Annals of the American Academy of Political and Social Science 30: 175–79.

    OpenUrl
94. ↵
    1. Stern, Nicholas

    . 2022. “A Time for Action on Climate Change and a Time for Change in Economics.” Economic Journal 132 (644): 1259–89. https://doi.org/10.1093/ej/ueac005.

    OpenUrl
95. ↵
    1. Stigler, George J

    . 1941. Production and Distribution Theories. New York: Macmillan.
96. ↵
    1. Taussig, Frank William

    . 1911. Principles of Economics. Vol. 2. New York: Macmillan.
97. 1. Teixeira, Pedro N

    . 2005. “The ‘Human Capital Revolution’ in Economics.” History of Economic Ideas 13 (2): 129–48.

    OpenUrl
98. ↵
    1. Tobin, James

    . 1985. “Neoclassical Theory in America: J. B. Clark and Fisher.” American Economic Review 75 (6): 28–38.

    OpenUrl
99. ↵
    1. Tobin, James

    . 2005. “Irving Fisher (1867–1947).” American Journal of Economics and Sociology 64 (1): 19–42. https://doi.org/10.1111/j.1536-7150.2005.00347.x.

    OpenUrl
100. 1. Trincado Aznar, Estrella, and
     2. José María Vindel

     . 2023. “Energy Efficiency, Productivity and the Jevons Paradox.” In Science, Technology and Innovation in the History of Economic Thought, edited by Estrella Trincado Aznar and Fernando López Castellano, 109–37. Cham, Switzerland: Springer Nature.
101. ↵
     1. Tryon, Frederick G.

     . 1927. “An Index of Consumption of Fuels and Water Power.” Journal of the American Statistical Association 22 (159): 271–82. https://doi.org/10.2307/2276799.

     OpenUrlCrossRef
102. 1. Turner, John Roscoe

     . 1921. The Ricardian Rent Theory in Early American Economics. New York: New York University Press.
103. ↵
     1. Tuttle, Charles A.

     1903. “The Real Capital Concept.” Quarterly Journal of Economics 18 (1): 54–96. https://doi.org/10.2307/1882775.

     OpenUrlCrossRef
104. ↵
     1. Vianna Franco, Marco P., and
     2. Antoine Missemer

     . 2023. A History of Ecological Economic Thought. London: Routledge.
105. ↵
     1. Vincent, Julien

     . 2020. “Le regard de la Sentinelle Terre: Topographie et économie politique après Thermidor.” Annales historiques de la Révolution Française 399: 69–96. https://doi.org/10.3917/ahrf.399.0069.

     OpenUrl
106. ↵
     1. Walras, Léon

     . 1874. “Éléments d’économie politique pure.” In Œuvres économiques complètes d’Auguste et Léon Walras. Vol. 8, edited by Pierre Dockès, Pierre-Henri Goutte, Claude Hébert, Claude Mouchot, Jean-Pierre Potier, and Jean-Michel Servet. Paris: Economica.
107. ↵
     1. Warburton, Clark

     . 1928. “Economic Terminology: Factors of Production and Distributive Shares.” American Economic Review 18 (1): 65–74.

     OpenUrl
108. 1. Wenzer, Kenneth C.

     , ed. 1999. Land-Value Taxation: The Equitable Source of Public Finance. London: Routledge. https://doi.org/10.4324/9781315501574.
109. 1. White, Michael V.

     2004. “In the Lobby of the Energy Hotel: Jevons’s Formulation of the Postclassical ‘Economic Problem.’” History of Political Economy 36 (2): 227–71. https://doi.org/10.1215/00182702-36-2-227.

     OpenUrl
110. 1. White, Michael V.

     2018. “Searching for New Jerusalems: P. H. Wicksteed’s ‘Jevonian’ Critique of Marx’s Capital.” European Journal of the History of Economic Thought 25 (5): 1113–53. https://doi.org/10.1080/09672567.2018.1523938.

     OpenUrl
111. ↵
     1. Wicksteed, Philip H.

     1910. The Common Sense of Political Economy Including a Study of the Human Basis of Economic Law. London: Macmillan.
112. 1. Wolloch, Nathaniel

     . 2020. “Adam Smith and the Concept of Natural Capital.” Ecosystem Services 43: 101097. https://doi.org/10.1016/j.ecoser.2020.101097.

     OpenUrl