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Abstract
Capital goods are a series of heterogeneous commodities, each having specific technical characteristics. Outside the hypothetical case where real capital consists of a single commodity, it is impossible to express the stock of capital goods as a homogeneous physical entity. As a consequence of capital’s heterogeneous nature its measurement has become the source of many controversies in the history of economic thought.
This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman
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- Harald Hagemann
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Editors and Affiliations
Department of Economics, University of Wisconsin Department of Economics, Madison, USA
Steven Durlauf
Cornell University , ITHACA, New York, USA
Lawrence E. Blume
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© 1987 The Author(s)
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Hagemann, H. (1987). Capital Goods. In: Durlauf, S., Blume, L. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_81-1
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Publisher Name:Palgrave Macmillan, London
Online ISBN:978-1-349-95121-5
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