The Rise of the Machines: Examining the Future of Capital and Labor in Production

Visit the website shown below to see my article on the ongoing substitution of capital for labor in production.

http://wallethub.com/blog/rise-of-the-machines-examining-the-future-of-capital-labor-in-production/2766/

 

 

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1 comment
  1. Eamonn said:

    The classical economists also considered a third factor of production, land, by which they meant any natural resource. I believe the more modern neo-classical school includes ‘land’ in the capital category, but it’s important to make the distinction, because capital equipment usually requires a flow of land capital, in the form of electricity, farming fertilizers, oil, metals, water, wood, etc., in order to function. Without land capital, modern societies would cease to be.

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