ABSTRACT
Economists recognize developments by treating land simply as a "produced" durable factor of production, that is, as one kind of capital. The elasticity of the supply of physical capital was considered to be between those of labor and land although closer to the former. Increasingly, labor too is treated as capital, human capital. The classical economists presumed three basic factors of production: land, labor, and capital according to their presumed supply responses to prices. Education reduces mortality and otherwise increases health because it raises the productivity of the household production functions. Goods would be substituted for time in the production of each commodity, and goods-intensive commodities would be substituted for time-intensive ones in consumption. If each person's supply curve were independent of the supply curves of others, the market supply curve would simply be the horizontal sum of the individual curves.
