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.
—Capital As Money
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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.