“Capital is defined as the sum total of nonhuman assets that can be owned and exchanged on some market.”

—  Thomas Piketty , book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 46.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Capital is defined as the sum total of nonhuman assets that can be owned and exchanged on some market." by Thomas Piketty?
Thomas Piketty photo
Thomas Piketty 24
French economist 1971

Related quotes

“The paper develops a simple macroeconomic framework for the study of exchange rate movements. The purpose is to develop a theory that is suggestive of the observed large fluctuations in exchange rates while at the same time establishing that such exchange rate movements are consistent with rational expectations formation. In developing a formal model we draw on the role of asset markets, capital mobility, and expectations that have been emphasized in recent literature.”

Rudiger Dornbusch (1942–2002) German economist

Rudiger Dornbusch, "Expectations and exchange rate dynamics." The journal of political economy (1976): 1161-1176. p. 1161

Geoffrey Hodgson photo

“We shall here define the market as a set of social institutions in which a large number of commodity exchanges of a specific type regularly take place, and to some extent are facilitated and structured by those institutions. Exchange as defined above, involves contractual agreement and the exchange of property rights, and the market consists in part of mechanisms to structure, organize and legitimate these activities. Markets, in short, are organized and institutionalized exchange. Stress is placed on those market institutions, which help to both regulate and establish a consensus over prices and, more generally, to communicate information regarding products, prices, quantities, potential buyers and potential sellers.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 174

“In figure 3 we show the money and domestic asset market equilibrium schedules for given stocks of each of the assets. Along MM the domestic money market is in equilibrium. Higher interest rates reduce money demand so that equilibrium requires a depreciation and thus a rise in the domestic currency value of foreign assets and - hence wealth. The exchange rate thus plays a balancing role by affecting the valuation of assets.”

Rudiger Dornbusch (1942–2002) German economist

Source: Open economy macroeconomics, 1980, p. 14

Samuel Bowles photo

“The first dimension is called "competition," and it refers to that aspect of an economic system in which exchanges of one sort or another play the most important part. In capitalism, of course, competition and exchange occur primarily in markets.”

Samuel Bowles (1939) American economist

Source: Understanding Capitalism: Competition, Command, and Change, 2005, p. 54

Andy Kessler photo

“But the stock market is not 1:1-it is not a zero sum game. So those deaf, dumb and blind economists can't find the capital flows.”

Andy Kessler (1958) American writer

Part VII, The Margin Surplus, Wealth How?, p. 261.
Running Money (2004) First Edition

“Product and service quality can be defined as the total composite product and service characteristics of marketing, engineering, manufacturing, and maintenance through which the product and service in use will meet the expectations of the customer.”

Armand V. Feigenbaum (1922–2014) American businessman

Variant: Product quality can then be defined as: The composite product characteristics of engineering and manufacturing that determine the degree to which the product, in use, will meet the expectations of the customer.
Source: Total Quality Control, 1983, p. 7

Douglass C. North photo

“International specialization and division of labor requires institutions and organizations to safeguard property rights across international boundaries so that capital markets as well as other kinds of exchange can take place with credible commitment on the part of the players.”

Douglass C. North (1920–2015) American Economist

Source: Institutions (1990), p. 121

Geoffrey Hodgson photo

“Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which govern the contract)… These would be present even if a formal market did not exist. Other institutions are specifically to do with the development of a market and the coordination of a large number of exchanges in an organized manner.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 174

Karl Marx photo

“We have just seen that, apart from money-capital, circulating capital is only another name for commodity-capital. But to the extent that labour power circulates in the market, it is not capital, no form of commodity-capital. It is not capital at all; the labourer is not a capitalist, although he brings a commodity to market, namely his own skin.”

Karl Marx book Das Kapital

Source: Das Kapital (Buch II) (1893), Vol. II, Ch. X, p. 211.

Related topics