Ekonomik Düşüncede Sermaye Kavramının Değişimi — Bir Özet —

Date

1976

Author

Kepenek, Yakup

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This is a short survey articte on the historical evolution of the concept of "capital". At the beginning it is argued that the «recent controversies» about the concept, stems from the lack of analysing its qualities as a whole. In the first part, the concept of capital in the early stages of economic theorizing, starting with the Physiocrats is summarized. Then, the classical generalisation of the concept into all productive activities is mentioned. Secondly, Marx's analysis of capital is taken into consideration. In Marx, three basic qualities of the concept are emphasised: (a) its being a mean of production, (b) its being a relation of production and (c) its motion (moment, movement) character. Finally, the concept of capital is taken up within the neoclassical framework, where capital is considered a mean of production only and the demand for it is derived from the demand of final goods that it helps to produce. In conclusion, it is argued that the controversies about the concept of capital is related to not considering its historical, transitory qualities. What is also mentioned in passing is that, a new "flow" analysis of the concept is required.

URI

https://hdl.handle.net/11511/110133

Collections

Department of Economics, Article