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The Importance of Capital in Economic Theory
By Robert P. Murphy
One of the central features of the market economy is capital. Indeed, the system of free enterprise and private property is often denoted by the term capitalism. Economists, in turn, have always included the concept of capital in their theories and models, going back to the birth of economics as a separate discipline. It is only fitting that, as this article is published, Thomas Piketty’s tome, Capital in the Twenty-First Century, is the #1 bestseller among all books on Amazon.
