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The theory of capital as a theory of capitalism

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  • BRAUN, EDUARD

Abstract

Before economists and sociologists came up with their own definitions of the term ‘capital’, it was commonly understood as money invested in businesses by their owners or shareholders, and it continues to be understood this way in everyday business practice. In a recent article, Hodgson (2014) advises economists to return to this pre-Smithian usage of the term. This paper takes up Hodgson's demand and develops a theory of capital that is based upon this business notion of capital. It also argues that the Austrian theory of capital, if interpreted correctly, can serve as a starting point. Despite the conviction of its adherents to the contrary, the Austrian theory of capital is not universal or ahistorical, but dovetails with Hodgson's vision of an approach to capital that analyses historically specific features of capitalism.

Suggested Citation

  • Braun, Eduard, 2017. "The theory of capital as a theory of capitalism," Journal of Institutional Economics, Cambridge University Press, vol. 13(2), pages 305-325, June.
    • Handle: RePEc:cup:jinsec:v:13:y:2017:i:02:p:305-325_00
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    Cited by:

    1. Fratini, Saverio M., 2018. "A note on re-switching and the neo-Austrian concept of the average period of production," MPRA Paper 87306, University Library of Munich, Germany.
    2. Godbersen, Hendrik, 2021. "Let social capital (finally) be (economic) capital - Conceptualising, formalising and operationalising social capital," Arbeitspapiere der FOM 80, FOM Hochschule für Oekonomie & Management.
    3. Eduard Braun, 2020. "Capital as in capitalism, or capital as in capital goods, or both?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(3), pages 383-395, September.
    4. Saverio M. Fratini, 2019. "A note on re-switching, the average period of production and the Austrian business-cycle theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 363-374, December.
    5. Peter Lewin & Nicolas Cachanosky, 2020. "Entrepreneurship in a theory of capital and finance—Illustrating the use of subjective quantification," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(5), pages 735-743, July.

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