The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Capital Goods

  • Harald Hagemann
Reference work entry


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.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Harald Hagemann
    • 1
  1. 1.