Abstract
Neoclassical economic theory, which has come to dominate much of the policymaking world, reduces the factors of production to labor and capital. Yet, the classical economists as far back as Adam Smith considered land to be perhaps the most important factor of production. The link between land - or more generally natural capital and ecosystem services - with the economy has effectively been severed by neoclassical economic thought. In that aftermath, both policymakers and academics understandably struggle to synthesize economic theory and the environmental sink in a systematic fashion. This paper is intended to serve as a policy guide that attempts to link economic theory with other issues that are either ignored or not yet synthesized into mainstream economic thought.
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