Economic essays

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Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Clark's reformulation of the capital concept / Frank A. Fetter

Collection:: Economics Books

CLARK'S REFORMULATION OF THE CAPITAL CONCEPT 1355 as “natural capital,” and “intangible property rights or titles to wealth as a part” of an individual's capital. He thus glides insensibly into the value conception of “net property rights,” “net worths,” etc.® Still the ghosts of the older conceptions of “natural” land and “produced” capital haunt almost every paragraph of the later chapter entitled “Income from artificial capital.” Professor O. F. Boucke® endeavors to give impartial recognition to the two different main concepts (besides several minor varia- tions), capital “as technical aids used in production, or as any source whatsoever of incomes.” ® The latter idea is later expressed as “a sum of money or its equivalent,” a “capital value” concept which includes such things as the “value of patents or copyrights, or of personal reputations,” ete.* Thereafter, when- ever capital is referred to in connection with credit, interest, or any sort of business problems, this value concept seems to be the one preferred. Professor L. D. Edie ® likewise starts by repeating the older definitions and distinctions based on the concrete goods notion, noticing, only to chide, the business man’s thought of his business capital as money, or as “borrowed money on credit.” ®° But he cannot long escape recognizing “capital values,” and “capital is, from this viewpoint, not merely a mass of physical goods, but this plus a mass of property rights, good will, and other intangible assets.” He adds: “To be realistic, our use of the term capital must harmonize with prevailing business facts” and declares that, “This modern view is amplified later in the present chapter.” ’ A peculiarity of this author’s view is that he seems to admit the valuation concept of capital only under the corporate form of organization. 9. Clark’s Message Still Vital It would be too great a task to pursue our inquiries further into the mass of recent business texts that touch upon this sub- ject. It is a paradox that the more emphatically an author 1 Op. cit., p. 24. * Principles of Economics, 2 Vols., 1925. Ref. to Vol. I. * Op. cit, p. 95. These ideas are more elaborately set forth, pp. 370-376. * Idem., p. 381. ® Economics, 1926. ® Op. cit., p. 247 ff.; also p. 254. "Idem. p. 255.

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