“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

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

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Kenneth E. Boulding 163

British-American economist 1910–1993

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Kenneth E. Boulding 163

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