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.