Witness the example of Argentina and Singapore. In 1914 Argentina had the second richest population per capita in the world while Singapore was 75th. In the year 2000 Singapore will surpass the U.K. in per capita income and Argentina will still not be up to the 75th place. In less than three generations, Argentina and Singapore switched places. Argentina is land rich and Singapore is land poor.
Land is no longer a factor of production.
Observe the world order and see that countries that save and have capital regularly loan to countries that don't save very much that want to borrow it. Capital is no longer a factor of production . The supply of labor, likewise, does not matter. Countries rich in labor supply, such as present day India, are not models of rapid economic growth, nor is it's neighbor China. Observe the close relationship between low unemployment rates and high economic growth rates.