TY - JOUR AU - Vaz-Curado, Samuel Fernandes Lucena PY - 2021/12/20 Y2 - 2024/03/28 TI - Carl Menger’s revisited theory of capital in opposition to the Classical and Marginalist scholars’ JF - MISES: Interdisciplinary Journal of Philosophy, Law and Economics JA - MisesJournal VL - 9 IS - SE - Special Issue 2021 DO - 10.30800/mises.2021.v9.1430 UR - https://revistamises.org.br/misesjournal/article/view/1430 SP - AB - <p class="western" align="justify"><span style="font-family: Times New Roman, serif;"><span style="font-size: medium;"><span lang="en-US">Among several contributions, Carl Menger proposed a division of economic goods in orders. This sets the foundations for the Austrian capital theory, usually maintained as a complex of higher orders goods in a production process. Curiously, Menger dismissed this concept of capital, in favor of one used in common parlance. This change of view is often overlooked, but represents a turning point in the field of capital theory. This paper assesses how Menger's popular notion of capital differs from the scientific one. To achieve this goal, we investigate the concept of capital in Classical and Marginalist economists. One of the implications is that the popular concept is related to the theory of capitalism. Capital, as used in business language for economic calculations, is better suited for analyzing the capitalist system, as it captures the usage in monetary economies and business accounting.</span></span></span></p> ER -