Voices
Do you subscribe to a version of the world with two factors of production or three? This is probably not a question that most readers will ever have considered. But in thinking about where you fall on what is a reasonably fundamental question of economics, quite different solutions to deep-seated problems present themselves. Those who subscribe to a two-factor view of the world believe that the best way to think about economics, economic models and economic outcomes is to split the world into two factors of production: labour and capital. While Marx was perhaps the most famous early exponent of…
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