Interesting query and discussion at Martin Wolf's blog about how economics came to conflate natural resources and capital, and whether it should continue to do so. You'll want to read the comments too!
The idea that land and capital are the same thing is evidently ludicrous. It requires us to believe that the economic machine is self-sustaining -- a sort of perpetual motion machine. Capital is the product of savings and investment. It is the result of human frugality and the invention required to imagine and create new capital goods. Labour is also -- and in today's circumstances,…
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