Thursday, May 28, 2015

Lars P. Syll — What is this thing called ‘capital’?


Cambridge capital debate revisited.
Macroeconomics textbooks discuss ‘capital’ as if it were a well-defined concept — which it is not, except in a very special one-capital-good world (or under other unrealistically restrictive conditions). The problems of heterogeneous capital goods have also been ignored in the ‘rational expectations revolution’ and in virtually all econometric work.
Lars P. Syll’s Blog
What is this thing called ‘capital’?
Lars P. Syll | Professor, Malmo University

See also Joan Robinson, "The Meaning of Capital," in Contributions to Modern Economics, Basil Blackwell, Oxford, 1978, pp. 114-125.

1 comment:

Pearce Tournier said...

Thanks for the Joan Robinson reference!