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Adam Smith and the concept of natural capital

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  • Wolloch, Nathaniel

Abstract

This article traces the early conceptualization, though not the term itself, of natural capital in the thought of Adam Smith. Natural capital is defined as the idea of natural resource production independent of human intervention. The main modern scholarship regarding the history of the term “natural capital” in economic thought is overviewed. Adam Smith’s early recognition of the concept of natural capital, specifically in connection with agricultural production, is then outlined, noting that while this was not a central part of his political-economic thought, it does prove that the conceptualization of natural capital was part of modern economic discourse from its early formulation in the eighteenth century.

Suggested Citation

  • Wolloch, Nathaniel, 2020. "Adam Smith and the concept of natural capital," Ecosystem Services, Elsevier, vol. 43(C).
    • Handle: RePEc:eee:ecoser:v:43:y:2020:i:c:s2212041620300395
    DOI: 10.1016/j.ecoser.2020.101097
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    1. C. Tyler DesRoches, 2018. "On the Historical Roots of Natural Capital in the Writings of Carl Linnaeus," Research in the History of Economic Thought and Methodology, in: Including a Symposium on Latin American Monetary Thought: Two Centuries in Search of Originality, volume 36, pages 103-117, Emerald Group Publishing Limited.
    2. Missemer, Antoine, 2018. "Natural Capital as an Economic Concept, History and Contemporary Issues," Ecological Economics, Elsevier, vol. 143(C), pages 90-96.
    3. Winch,Donald, 1996. "Riches and Poverty," Cambridge Books, Cambridge University Press, number 9780521559201, November.
    4. Margaret Schabas, 2003. "Adam Smith's Debts to Nature," History of Political Economy, Duke University Press, vol. 35(5), pages 262-281, Supplemen.
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