(?)
Quotes are added by the Goodreads community and are not verified by Goodreads. (Learn more)
Ludwig Lachmann

“The generic concept of capital without which economists cannot do their work has no measurable counterpart among material objects; it reflects the entrepreneurial appraisal of such objects. Beer barrels and blast furnaces, harbour installations and hotel-room furniture are capital not by virtue of their physical properties but by virtue of their economic functions. Something is capital because the market, the consensus of entrepreneurial minds, regards it as capable of yielding an income. This does not mean that the phenomena of capital cannot be comprehended by clear and unambiguous concepts. The stock of capital used by society does not present a picture of chaos. Its arrangement is not arbitrary. There is some order in it.”

Ludwig Lachmann, Capital and Its Structure
Read more quotes from Ludwig Lachmann


Share this quote:
Share on Twitter

Friends Who Liked This Quote

To see what your friends thought of this quote, please sign up!


This Quote Is From

Capital and Its Structure (Studies in economic theory) Capital and Its Structure by Ludwig Lachmann
43 ratings, average rating, 1 review
Open Preview

Browse By Tag