Economics Dictionary of ArgumentsHome
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| Capital: Capital in economics refers to assets used to produce goods and services, including financial capital, machinery, buildings, and human skills. It represents an investment in productive resources, contributing to economic growth, productivity, and wealth generation. Capital can be physical or human, and its accumulation is crucial for development._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Knut Wicksell on Capital - Dictionary of Arguments
Harcourt I 16 Fn Capital/Wicksell/Harcourt: There are passages in Wicksell’s Lectures [1934](1) which serve as early, if not typical examples of what Joan Robinson(2) had in mind, see pp. 111-16 and 147-84, especially pp. 150-4 and 172-84. (RobinsonVsWicksell). >Measurements/Robinson. Wicksell was, of course, well aware of the puzzles that Joan Robinson discusses; he tried, though, to get around them, only to give up in despair at the end of his life. For example, in a letter to Marshall (6 Jan. 1905), he wrote: „... the theory of capital and interest cannot be regarded as complete yet... so long as capital is defined as a sum of commodities (or of value) the doctrine of the marginal productivity of capital as determining the rate of interest is never quite true and often not true at all - it is true individually but not in respect of the whole capital of society', quoted in Garlund [1958](3), p. 345. The account of Marshall's and Wicksteed's views given by Stigler [1941](4), chapter xn, together with his own views on the marginal productivity theory of distribution at an aggregate as well as at an industry level, provide further evidence for Joan Robinson's complaint. See also J. B. Clark [1891](5), especially pp. 300-1, 304-7, 312-13, 316-18 and Hicks [1932](6), chapter 1. 1. Wicksell, Knut [1934] Lectures on Political Economy, Vol. i (London: Routledge). 2. Robinson, Joan (1953-4). 'The Production Function and the Theory of Capital', Review of Economic Studies, xxi. 3. Garlund, Torsten [1958] (translated from the Swedish by Nancy Adler) The Life of Knut Wicksell (Stockholm: Almqvist and Wiksell). 4. Stigler, George J. [1941] Production and Distribution Theories: The Formative Period (New York: Macmillan). 5. Clark, J.B. [1891] 'Distribution as Determined by a Law of Rent', Quarterly Journal of Economics, v, pp. 289-318. 6. Hicks, J. R. [1932] The Theory of Wages (London: Macmillan)._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconWicks I Knut Wicksell Finanztheoretische Untersuchungen nebst Darstellung und Kritik des Steuerwesens Schwedens Jena 1896 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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