There is a strong argument for treating natural capital as a significant factor of production in its own right, alongside produced capital, human capital and social capital, and to fully take account of it in production and consumption decisions. Under traditional assumptions of wealth creation, there are assumed to be no limits to the availability of capital in the long run – it can either be replenished or substituted for by produced goods and services – and the objective of economic growth is consistent and aligned with the efficient use of resources.