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Capital

In: The Economics of Alfred Marshall

Author

Listed:
  • David Reisman

Abstract

Capital involves instrumentality, for producers’ goods, unlike consumers’ goods, are in essence intermediate goods ‘such as ploughs and looms and raw cotton, which satisfy wants indirectly’.1 Capital, in other words, does not itself yield final satisfactions, but rather contributes to the production of those things which do. Because production takes time, it would be fair to add that capital involves intertemporality as well as instrumentality and to regard it as ‘a store of things, the result of human efforts and sacrifices, devoted mainly to securing benefits in the future rather than in the present’.2

Suggested Citation

  • David Reisman, 1986. "Capital," Palgrave Macmillan Books, in: The Economics of Alfred Marshall, chapter 10, pages 249-282, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08515-6_10
    DOI: 10.1007/978-1-349-08515-6_10
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