CLARK'S REFORMULATION OF THE CAPITAL CONCEPT 145 
capitalization concept, or made a clear distinction between, on 
the one hand, technical production as the source -and origin of 
what he called “capital goods,” and, on the other hand, financial 
valuation of rights, incomes, claims (to land and also to personal 
services, good will, privileges, etc., as well as to “artificial” con- 
crete goods) as a source of his “pure capital.” 
Nevertheless, his great achievements in this matter were that 
he brought out into the open the old ambiguity between “capital 
value” and certain concrete things called capital, and that he 
presented “capital” as essentially an investment concept; and 
that he gave a broader reading to the-idea of rent. These 
notions have been apples of discord, and even yet professional 
opinions have not attained to unity upon them. It is of interest 
to observe the position taken toward the value concept of capital 
by some representative economists. 
5. The More Conservative Views 
Bohm-Bawerk’s conclusions on the capital concept were sur- 
prisingly old-fashioned. Beginning with a new conception of the 
so-called “interest problem” as that of differences of the value 
of goods because of time, he wrecked his attempt at the very first 
by his conception of capital (goods) as limited to produced 
means of production. For if, as he believed, “capital” and 
interest are coextensive facts, he cannot explain with such a 
capital concept the manifold time differences that appear every- 
where, in land uses, legal rights, financial incomes, human services, 
etc. On no other point did Bohm-Bawerk differ with Clark so 
categorically as on this; he would have none of the valuation con- 
cept of capital." Not even the most conservative of his con- 
temporary neo-Ricardians were so uncompromising on this point. 
Yet not for a single page does he succeed in avoiding the valu- 
ation concept of capital when once he begins to use one. His 
capital is always an investment sum, expressed as so many 
kronen, pounds sterling, or dollars. 
Professor Taussig devoted large space in his text to the dis- 
cussion of the capital concept, returning to it again and again, 
! See the discussion, Quarterly Journal Economics (1895-1896), Vol. 9 
(Clark), p. 238; (Bohm-Bawerk), pp. 113, 235, 380; Vol. 10 (Clark), p. 98, 
(Bohm-Bawerk), p. 121.