labor force, land, and capital, can create value, but only if there are property rights to them. This necessary condition …

generality, so as to isolate the precise nature of the differences between the two conceptions of the same economic reality, and …

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 …

Extant explanations of the nature and scope of firms, such as transaction costs, property rights, metering and … “resources” can be integrated into a more general (capability based) theory of the nature and essence of the firm that recognizes … activity that extends beyond the mere exercise of authority. We suggest that the nature and objective of the firm in an economy …