Munich Personal RePEc Archive

Evolution of the Concept of Capital– A Historical Perspective

Roy Trivedi, Smita (2009): Evolution of the Concept of Capital– A Historical Perspective.

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Abstract

This paper traces the evolution of the concept of capital in economic literature––from the ‘fund’ concept prevalent in pre-classical and classical writings to the stress on ‘physical capital’ in neoclassical literature and finally to ‘human capital’ in endogenous growth theory. While financial capital is occupying a key role in research presently in the context of financial globalization and financialisation, the concept of ‘financial capital’ has remained little explored in literature.

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