Abstract
Much of the mystery attaching to the concept of capital in economics can be avoided by treating capital as a three dimensional entity, the dimensions being quantity, time and value. The literature on the subject is notable for different treatments focusing on just one or two of these dimensions to the neglect of the others. The most neglected dimension in economics is value. Yet notions of capital that lose sight of this dimension are seen to be incoherent. In this paper we undertake to place the three dimensions in sharp relief while explaining the conceptual dangers of such neglect. A consistent attention to the value dimension provides an indispensable bridge to the notions of capital that function in everyday usage and, thus, contribute to an understanding of economic decisions and economic policies that involve the concept of capital.
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