Capital goods are a series of heterogeneous commodities, each having specific technical characteristics. Outside the hypothetical case where real capital consists of a single commodity, it is impossible to express the stock of capital goods as a homogeneous physical entity. As a consequence of capital’s heterogeneous nature its measurement has become the source of many controversies in the history of economic thought.
KeywordsMachine Tool Capital Stock Capital Good Real Capital Premature Truncation
Unable to display preview. Download preview PDF.
- Dobb, M. 1960. An Essay on Economic Growth and Planning. London: Routledge; New York: Monthly Review Press.Google Scholar
- Fel’dman, G.A. 1928. On the theory of growth rates of national income, I and II. In ed. N. Spulber, Foundations of Soviet Strategy for Economic Growth, Bloomington: Indiana University Press, 1964.Google Scholar
- Hicks, J. 1973. Capital and Time. A Neo-Austrian Theory. Oxford: Clarendon Press.Google Scholar
- Lowe, A. 1955. Structural analysis of real capital formation. In ed. M. Abramovitz, Capital Formation and Economic Growth, Princeton: Princeton University Press.Google Scholar
- Mathur, G. 1965. Planning for Steady Growth. Oxford: Blackwell; New York: A.M. Kelley.Google Scholar
- Pasinetti, L.L. 1981. Structural Change and Economic Growth. A theoretical essay on the dynamics of the wealth of nations. Cambridge and New York: Cambridge University Press.Google Scholar
- Robinson, J. 1956. The Accumulation of Capital. London: Macmillan; Homewood, Ill.: R.D. Irwin.Google Scholar
- Schefold, B. 1974. Fixed capital as a joint product and the analysis of accumulation with different forms of technical progress. In Essays on the Theory of Joint Production, ed. L.L. Pasinetti, London: Macmillan; New York: Columbia University Press, 1980.Google Scholar
- Sraffa, P. 1960. Production of Commodities by Means of Commodities. Prelude to a critique of economic theory. Cambridge: Cambridge University Press.Google Scholar