The ontology of capital may better be explained by the concept of property rights
DOI:
https://doi.org/10.46553/cecon.40.103.2022.p23-38Keywords:
CAPITAL, ONTOLOGY, PROPERTY RIGHTS, DICHOTOMY, DOUBLE NATUREAbstract
The debate about the nature of capital has been portrayed as a dichotomy between capital as composed by material goods and capital as funds expressed in monetary terms. It has been recognized in the literature that the different ontologies discussed offer ‘at best a very partial account’ and that is the reason why a more comprehensive ontology of capital is needed. This paper explores how much that portrait is accurate historically and as a depiction of the current state of the debate about the nature of capital. It concludes with the idea that such a view is in general a correct one, and that the notion of property claims over goods that exist in the real world is the answer to the need for a more complete ontology of capital.Downloads
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