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KEYNES, JOHN MAYNARD: A British economist (born--1883, died--1946) who is most noted for his work The General Theory of Employment, Interest, and Money, published 1936. The The General Theory revolutionized economic theory of the day, forming the foundation of Keynesian economics and creating the modern study of macroeconomics. Keynes was a well-known and highly respected economist prior to publication of The General Theory, however, this revolutionary work guaranteed Keynes a place as one of the most influential economists of all time.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 9 of 25

Topic: Capital: Financial And Physical <=PAGE BACK | PAGE NEXT=>

  • Most of the productive capital used in the economy involves ownership and control by the same entity.

  • Let's examine this further.

    • Ownership: First, capital goods, like all property, wealth, and resources are ultimately owned by people.

    • Control: Second, control over the use of capital goods is often by someone other than the owners.

  • While the market for capital services might be somewhat exclusive, two related markets are not.

    • Physical Capital: At times, the term factor market is erroneously used when referring to a capital goods market.

    • Financial Capital: The markets for financial capital are significantly more competitive that the markets for specific capital goods.


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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for high interest rates.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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