Capitalism's rate of decay ( Communication)

Forstater, Mathew ForstaterM at umkc.edu
Thu Aug 16 15:52:29 PDT 2001


"Turgot was the first to develop a specific theory of capital as a factor of production when, possibly under the influence of Hume's ideas, he generalized Quesnay's theory [of 'advances' ('avances' in French), similar to Cantillon's 'funds' ('assed de fond' in French]." Hennings, "capital as a factor of production" in Eatwell, et al. The New Palgrave, 1987. Quesnay used the term 'capital de argent' for money capital. Turgot actually uses the plural 'capitaux'. Hume, like Smith, used the term 'stock'.



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