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Capital Goods

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Abstract

Capital goods are a series of heterogeneous commodities, each having specific technical characteristics. Outside the hypothetical case where real capital consists of a single commodity, it is impossible to express the stock of capital goods as a homogeneous physical entity. As a consequence of capital’s heterogeneous nature its measurement has become the source of many controversies in the history of economic thought.

This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman

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Hagemann, H. (1987). Capital Goods. In: Durlauf, S., Blume, L. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_81-1

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  • DOI: https://doi.org/10.1057/978-1-349-95121-5_81-1

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  • Publisher Name: Palgrave Macmillan, London

  • Online ISBN: 978-1-349-95121-5

  • eBook Packages: Springer Reference Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences

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