[eru]

Depends on your definition of capital.

Of course, you can make any system work with any definitions. It's just more cumbersome to eg state your theorems in cryptography, if your definition of prime numbers includes 1.

When talking about factors of production, it is useful to differentiate between labour, capital and land.

The main distinguishing factor between capital and land is that land is in fixed supply, but you can produce more capital.

[andrekandre]

i was going to reply land could be 'fixed capital' but doing some quick wiki shows as you say, land itself may not constitute as "capital" [0]... interesting

  Land itself is not included in the statistical concept of fixed capital, even though it is a fixed asset. The main reason is that land is not regarded as a product (a reproducible good). But the value of land improvements is included in the statistical concept of fixed capital, is regarded as the creation of value-added through production.

[0] https://en.wikipedia.org/wiki/Fixed_capital

[eru]

Thanks for looking things up!

Depending on your analysis, it can sometimes make sense to include land under fixed assets. Eg when you are running a company your accounting can perhaps treat durable assets and land the same?

If you are looking at whole economies, it's often useful to treat land separately. Even if that's not always done.

But I'm some kind of Georgist at heart, as you might be able to guess.