“Although it is obvious that people acquire useful skills and knowledge, it is not obvious that these skills and knowledge are a form of capital, that this capital is in substantial part a product of deliberate investment, that it has grown in Western societies at a much faster rate than conventional (nonhuman) capital, and that this growth may well be the most distinctive feature of the economic system.”

— Theodore Schultz

Source: "Investment in human capital," 1961, p. 1

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Theodore Schultz 15

American economist 1902–1998

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“Men having capital, the product of labor to invest, form themselves into companies or associations and consolidate their capital that they may reap a greater profit from their investments … The men who labor, taking this action of the men of capital as a criterion to go by, have formed themselves into companies or associations that they reap a greater profit from the investment of their capital, which is labor. That capital of the former is the creation of man; that latter as the creation of God, and of the two is entitled to the most consideration, since no capital could exist unless labor created it.”

Terence V. Powderly (1849–1924) American mayor

"The Organization of Labor," http://ebooks.library.cornell.edu/cgi/t/text/pageviewer-idx?c=nora;cc=nora;g=moagrp;xc=1;q1=The%20Organization%20of%20Labor;rgn=full%20text;cite1=Powderly;cite1restrict=author;view=image;seq=0122;idno=nora0135-2;node=nora0135-2%3A2 North American Review, vol. 135, no. 2, whole no. 309 (Aug. 1882), pp. 118–9.

“If all money capital invests in appropriation and none in actual production, than capitalism is not long for this world.”

David Harvey (1935) British anthropologist

Source: The Limits To Capital (2006 VERSO Edition), Chapter 9, Money, Credit And Finance, p. 269

“They, economics and evolution, are both examples of a larger process, which has been at work in this part of the universe for a very long time. This is the process of the development of structures of increasing complexity and improbability. The evolutionary process always operates through mutation and selection and has involved some distinction between the genotype which mutates and the phenotype which is selected. The process by which the genotype constructs the phenotype may be described as "organization". Economic development manifesto itself largely in the production of commodities, that is, goods and services. It originates, however, in ideas, plans, and attitudes in the human mind. These are the genotypes in economic development. This whole process indeed can be described as a process in the growth of knowledge. What the economist calls "capital" is nothing more than human knowledge imposed on the material world. Knowledge and the growth of knowledge, therefore, is the essential key to economic development. Investment, financial systems and economic organizations and institutions are in a sense only the machinery by which a knowledge process is created and expressed.”

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

Kenneth Boulding (1977) Economic Development as an Evolutionary System, Fifth World Congress of the International Economic Association, Tokyo, Aug.-Sept. 1977.
1970s

“Hayek’s essential gist in capital theory was that capital is heterogeneous, that it cannot be put to many uses simultaneously or at different times. If these empirical assumptions as to capital’s heterogeneity are false, then his theoretical system of economic activity falls. Hayek never established that changes in interest rates primarily and predominantly influence capital production of goods of higher order and their prices.”

Alan O. Ebenstein (1959) American political scientist, educator and author

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“Skills that are monopolizable are anathema to capital.”

David Harvey (1935) British anthropologist

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“Great Britain may certainly continue to uphold her envied supremacy, sustained by her coal, iron, capital, and skill, if, acting on the Baconian axiom, " Knowledge is Power," she shall diligently promote moral and professional culture among all ranks of her productive population.”

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“Under the old type of capitalism, when free competition prevailed, the export of goods was the most typical feature. Under modern capitalism, when monopolies prevail, the exporter of capital has become the typical feature.”

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“The monetary history of the last four hundred years has been replete with financial crises. The pattern was that investor optimism increased as economies expanded, the rate of growth of credit increased and economic growth accelerated, and an increasing number of individuals began to invest for short-term capital gains rather than for the returns associated with the productivity of the assets they were acquiring. The increase in the supply of credit and more buoyant economic outlook often led to economic booms as investment spending increased in response to the more optimistic outlook and the greater availability of credit, and as household spending increased as personal wealth surged.”

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“Capitalism is commodity production at the highest stage of development, when labor power itself becomes a commodity. The growth of internal exchange, and particularly of international exchange, is a special feature of capitalism. The uneven and spasmodic character of the development of individual enterprises, of individual branches of industry and individual countries, is inevitable under the capitalist system.”

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“Capital in the hands of a national government forms a part of the gross national capital.”

Jean-Baptiste Say (1767–1832) French economist and businessman

Source: A Treatise On Political Economy (Fourth Edition) (1832), Book I, On Production, Chapter III, p. 73

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Theodore Schultz 15

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