The nature of capital was a major debate issue at the turn of the twentieth century because economist wanted to know how quickly the economy could adjust and recover from a depression. If capital were homogeneous and highly liquid, then the adjustment process should not take long and the economy could soon be back on its feet. But if capital were heterogeneous and not easily transferable to other uses, then the adjustment process could take much longer and it might take years for a nation to recover from a depression
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About Mark Skousen
Mark Skousen was a contemporary American economist and writer. Mark Andrew Skousen is an American economist and writer. He currently teaches at Chapman University, where he has been a Presidential Fellow since 2014, and the Doti-Spogli chair in free enterprise at the Argyros School of Business and Economics since 2022. Read more on Wikipedia →
Themes
- Money — Thoughts on wealth, value, and material pursuits