Depends on what you mean by its "modern economic sense." Schumpeter identifies Cantillon as having having used it in a somewhat "modern" way prior to Turgot. Turgot's key innovation was to argue that capital arose from voluntary saving, something picked up and spread shortly thereafter by Adam Smith (Turgot wrote in 1769).
BTW, the Romans used the term in the sense of the principal of a loan, which is certainly one of its modern economic senses, as well as using the term to describe cattle. And, of course, if one wishes to increase a herd of cattle, one must not kill them for consumption (at least not right away), but must feed them. Hmmm. Barkley Rosser ----- Original Message ----- From: "Ian Murray" <seamus2001 at home.com> To: <lbo-talk at lists.panix.com> Sent: Thursday, August 16, 2001 4:45 PM Subject: Re: Capitalism's rate of decay ( Communication)
>
> > > ============
> > > Who was the first to use the term 'capital'?
> > >
> > > No googling.....:-)
> > >
> > > Ian
>
> The word "capital" is Latin for a head of cattle.
> A single ox was a "pecus," which also has interesting
> etymological implications.
> BTW, I have no idea which Latin speaker or writer
> first used the term "capital," but it has been around awhile.
> Barkley Rosser
>
> =======
> Shoulda' been clearer :-(
>
> I meant capital in it's 'modern' economic sense....
>
> And the answer is.....Anne Robert Jacques Turgot
>
> Ian
>
>