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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David Gawen Champernowne on Capital - Dictionary of Arguments
Harcourt I 5 Capital/Champernowne/Harcourt: Champernowne (1953-4)(1) accepted the logic of Joan Robinson's measure of capital. >Capital/Robinson. However, he objected to some of its implications for the analysis of distribution and accumulation. He therefore provided, within the same analytical context, a chain index measure of capital. Under certain conditions his measure, when used in the production function, gave neoclassical results in the sense of equalities of equilibrium factor prices with suitably defined marginal products. HarcourtVsChampernowne: Nevertheless, the chain index measure is not independent of distribution and prices; indeed, it may not be constructed unless'either the wage rate or the rate of profits is known. 1. Champernowne, D. G. (1953-4). 'The Production Function and the Theory of Capital: A Comment', Review of Economic Studies, xxi, pp. 112-35._____________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. |
Champernowne I David Gawen Champernowne Uncertainty and estimation in economics (Mathematical economics texts) Edinburgh 1969 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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