Abstract
In the production function approach to the analysis of the sources of growth, land as a separate factor of production tends to be assumed away or subsumed into capital. There are two main reasons for this. The first is the traditional classical notion of land as a fixed factor of production, which in the long run is undoubtedly true. The second is the practical fact that land without the application of capital is of little use, justifying the treatment of land and capital as one factor.
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Referencs
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© 1972 A. P. Thirlwall
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Thirlwall, A.P. (1972). Land, Labour and Agriculture. In: Growth and Development. Palgrave, London. https://doi.org/10.1007/978-1-349-15472-2_3
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DOI: https://doi.org/10.1007/978-1-349-15472-2_3
Publisher Name: Palgrave, London
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