 A Theory of Money Capital, General Equilibrium and Income DistributionI. F. Pearce
Chapter 1 in The Measurement of Capital, 1979, pp 25-64 from Palgrave Macmillan Abstract: Abstract Since the appearance of Professor Joan Robinson’s The Production Function and the Theory of Capital1 and probably long before that, there has been no observable consensus among economists upon what is, or ought to be, meant by the word capital, or upon the way in which capital might be measured and incorporated into the theory of production. There are on the one hand those who claim that everyone understands the ‘rough kernel of meaning’ underlying the concept of capital even though there may be some difficulty in finding a number which sums it all up. At the same time models have been presented to show how in special cases capital might be measured so as to demonstrate the equivalence of the marginal product of capital and the rate of interest. Against this there exists an active and vociferous ‘school’ which asserts that, except along certain ‘golden age’ growth paths, no meaning can be attributed to the marginal product of capital, the rate of interest or profit being quite indeterminate except in an historical sense. Keywords: Balance Sheet; Capital Gain; Input Price; Time Structure; Capital Requirement (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-04127-5_2 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-04127-5_2 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.