Sec. 2] CAPITAL 55
Marx * makes it depend on the effect of the wealth on the
laborer, and Tuttle, upon the amount of wealth possessed.
Again, while most authors confine the concept of capital
to material goods, MacLeod® extends it to all immaterial
goods which produce profit, including workmen’s labor,
credit, and what he styles “incorporeal estates,” such as
the Law, the Church, Literature, Art, Education, an au-
thor’s Mind. Clark * takes what he styles “pure” capital
out of the material realm entirely, making it consist, not
of things, but of their utility. Most authors leave no place,
in their concept of capital, for the value of goods as distinct
from the concrete goods themselves, whereas Fetter,’ in his
definition, leaves place for nothing else. Some definitions
are framed with especial reference to particular problems
of capital; many, for instance, have reference to the prob-
lem of capital and labor, but they fail to agree as to the re-
lation of capital to that problem. MacCulloch ® regards it
as a means of supporting laborers by a wage fund; Marx,’
as a means of humiliating and exploiting them; Ricardo,’
as a labor saver; MacLeod? as including labor itself as
a special form of capital.
Many definitions have reference to the problem of
production, but in no less discordant ways. Accord-
ing to Senior,® Mill,’ and many others, capital must be
itself a product. Walras® MacLeod,’ and others admit
1 Capital, English translation, London, 1887, Vol. II, p. 792.
? “The Real Capital Concept,” Quarterly Journal of Economics
November, 1903.
3 Dictionary of Political Economy, article “Capital,” p. 331.
4 Capital and its Earnings, Publications of American Economic
Association, 1888, pp. 11-13.
§ “Recent Discussion of the Capital Concept,” Quarterly Journal of
Economics, November, 1900, and Principles of Economics, 1904.
8 Principles of Political Economy, 4th ed., p. 100.
7 Principles of Political Economy, § 37. 3
8 «Political Economy,” Encyclopedia Metropolitana, Vol. VI, p.
153.
® Principles of Political Economy, Book I, Chap. IV, § 1.
0 Fléments d'Economie Politique Pure, Lausanne, 4th ed., p. 177.
