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A Theory of Money Capital, General Equilibrium and Income Distribution

In: The Measurement of Capital

Author

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  • I. F. Pearce

    (University of Southampton)

Abstract

Since the appearance of Professor Joan Robinson’s The Production Function and the Theory of Capital1 and probably long before that, there has been no observable consensus among economists upon what is, or ought to be, meant by the word capital, or upon the way in which capital might be measured and incorporated into the theory of production. There are on the one hand those who claim that everyone understands the ‘rough kernel of meaning’ underlying the concept of capital even though there may be some difficulty in finding a number which sums it all up. At the same time models have been presented to show how in special cases capital might be measured so as to demonstrate the equivalence of the marginal product of capital and the rate of interest. Against this there exists an active and vociferous ‘school’ which asserts that, except along certain ‘golden age’ growth paths, no meaning can be attributed to the marginal product of capital, the rate of interest or profit being quite indeterminate except in an historical sense.

Suggested Citation

  • I. F. Pearce, 1979. "A Theory of Money Capital, General Equilibrium and Income Distribution," Palgrave Macmillan Books, in: K. D. Patterson & Kerry Schott (ed.), The Measurement of Capital, chapter 1, pages 25-64, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04127-5_2
    DOI: 10.1007/978-1-349-04127-5_2
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