Unformatted text preview: agent of production. It is also difficult to find an accurate definition of capital. This is because capital is not confined to any set of goods as such; capital is a function that the goods perform. In the early 20 th century, the Austrian economist , Bohm Bawerk defined capital as a produced means of production . Two things are remarkable in this definition....
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This note was uploaded on 11/26/2011 for the course EC ec 201 taught by Professor - during the Fall '10 term at Montgomery.
- Fall '10