“The term 'capital' has two quite different meanings in economics: a sum of money, and a collection of machinery.”

—  Steve Keen

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 6, The Holy War Over Capital, p. 130

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 "The term 'capital' has two quite different meanings in economics: a sum of money, and a collection of machinery." by Steve Keen?
Steve Keen photo
Steve Keen 27
Australian economist 1953

Related quotes

Vladimir Lenin photo

“The principal and primary function of banks is to serve as an intermediary in the making of payments. In doing so they transform inactive money capital into active capital, that is, into capital producing a profit; they collect all kinds of money revenues and place them at the disposal of the capitalist class.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

Source: Imperialism, The Highest Stage of Capitalism (1917), Chapter Two

Milton Friedman photo

“The term money has two very different meanings in popular discourse. We often speak of someone "making money," when we really mean that he or she is receiving an income. We do not mean that he or she has a printing press in the basement churning out greenbacked pieces of paper. In this use, money is a synonym for income or receipts; it refers to a flow, to income or receipts per week or per year. We also speak of someone's having money in his or her pocket or in a safe-deposit box or on deposit at a bank. In that use, money refers to an asset, a component of one's total wealth. Put differently, the first use refers to an item on a profit-and-loss statement, the second to an item on a balance sheet”

Milton Friedman (1912–2006) American economist, statistician, and writer

Source: Money Mischief (1992), Ch. 2 The Mystery of Money

“This concept of capital-rebuilding is so important that it may be desirable to digress for a moment. In the broadest sense of the word, capital means the sum total of the valuable things possessed by the individuals of a society, excluding "claims," that is, mere titles to property. The word is used to mean both the inventory of these valuable things; the houses, factories, machines, livestock, stocks of raw materials, and goods in all stages of completion; and also to mean the sum of the values of these things. It should generally be clear from the context which of these two meanings is intended.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1940s, The Economics of Peace, 1945, p. 5

A. James Gregor photo

“In 1934, Mussolini reiterated that capitalism, as an economic system, was no longer viable. Fascist economy was to be based not on individual profit but on collective interest.”

A. James Gregor (1929–2019) American political scientist

Source: The Ideology of Fascism: The Rationale of Totalitarianism, (1969), p. 299

Rutger Bregman photo

“There are two ways of making money. The first is what most of us do: work. That means tapping into our knowledge and know-how (our “human capital” in economic terms) to create something new, whether that’s a takeout app, a wedding cake, a stylish updo, or a perfectly poured pint. To work is to create. Ergo, to work is to create new wealth.But there is also a second way to make money. That’s the rentier way: by leveraging control over something that already exists, such as land, knowledge, or money, to increase your wealth. You produce nothing, yet profit nonetheless. By definition, the rentier makes his living at others’ expense, using his power to claim economic benefit.”

Rutger Bregman (1988) Dutch journalist, writer and historian

"No, wealth isn’t created at the top. It is merely devoured there"

David Harvey photo

“The geographical movement of money and commodities as capital is not the same as the movements of products and of precious metals. Capital is, after all, money used in a certain way, and is by no means identical with all money uses.”

David Harvey (1935) British anthropologist

Source: The Limits To Capital (2006 VERSO Edition), Chapter 12, Production Of Spatial Configurations, p. 376

Vladimir Lenin photo

“The progressive historical role of capitalism may be summed up in two brief propositions: increase in the productive forces of social labour, and the socialisation of that labour. But both these facts manifest themselves in extremely diverse processes in different branches of the national economy.”

Vladimir Lenin book The Development of Capitalism in Russia

Source: The Development of Capitalism in Russia (1899), Chapter Eight

Ted Malloch photo

“There’s such a thing as spiritual capital that has economic function and potential.”

Ted Malloch (1952) American businessman

Source: Doing Virtuous Business (Thomas Nelson, 2011), p. 15.

Georg Simmel photo

“Money expresses all qualitative differences of things in terms of "how much?"”

Georg Simmel (1858–1918) German sociologist, philosopher, and critic

Money, with all its colorlessness and indifference, becomes the common denominator of all values; irreparably it hollows out the core of things, their individuality, their specific value, and their incomparability. All things float with equal specific gravity in the constantly moving stream of money. All things lie on the same level and differ from one another only in the size of the area which they cover.
The Metropolis and Mental Life (1903)

“The same thing can be identified by many different terms, and the same term may mean many different things.”

Douglas John Foskett (1918–2004)

As cited in: Derek Austin (1977) "Perspective paper: Library Science" in: Donald E. Walker et al. eds. Natural language in information science. p. 48
Classification and indexing in the social sciences (1963)

Related topics