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On the Nature of Capital: Investment, Intangible Assets, and the Pecuniary Magnate

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  • Thorstein Veblen

Abstract

Introductory summary, 104.—Certain effects of investment and the price system, 105.—Intangible assets, their nature, derivation, and basis, 111.—Summary of analysis of assets, 115.—Tangible and intangible assets distinct, but mutually convertible, 116.—Dependence of all assets on industrial production, 122.—Non-capitalizable income from assets, 125.—Place and function of the "Pecuniary Magnate," 126.—"Timeless" gains from the use of (large) capital, 130.—Source of such "timeless" gains, 132.—Consequences for ordinary business men and ordinary profits, 135.

Suggested Citation

  • Thorstein Veblen, 1908. "On the Nature of Capital: Investment, Intangible Assets, and the Pecuniary Magnate," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 23(1), pages 104-136.
    • Handle: RePEc:oup:qjecon:v:23:y:1908:i:1:p:104-136.
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    Cited by:

    1. Atasoy, Özgün & Trudel, Remi & Noseworthy, Theodore J. & Kaufmann, Patrick J., 2022. "Tangibility bias in investment risk judgments," Organizational Behavior and Human Decision Processes, Elsevier, vol. 171(C).
    2. Bichler, Shimshon & Nitzan, Jonathan, 2018. "CasP's 'Differential Accumulation' versus Veblen's 'Differential Advantage'," Working Papers on Capital as Power 2018/08, Capital As Power - Toward a New Cosmology of Capitalism.
    3. Waldstrøm, Christian & Svendsen, Gunnar Lind Haase, 2008. "On the capitalization and cultivation of social capital: Towards a neo-capital general science?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(4), pages 1495-1514, August.
    4. Nitzan, Jonathan, 1992. "Inflation As Restructuring. A Theoretical and Empirical Account of the U.S. Experience," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 157989, October.
    5. Bichler, Shimshon & Nitzan, Jonathan, 2023. "The Capital As Power Approach. An Invited-then-Rejected Interview with Shimshon Bichler and Jonathan Nitzan," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 2(2), pages 96-174.
    6. Robison, Lindon J. & Myers, Robert J. & Siles, Marcelo E., 1999. "Social Capital, The Terms Of Trade, And The Distribution Of Income," Staff Paper Series 11546, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    7. Hugh Rockoff, 2008. "Great Fortunes of the Gilded Age," NBER Working Papers 14555, National Bureau of Economic Research, Inc.
    8. Mouré, Christopher, 2022. "Costly Efficiencies: Health Care Spending, COVID-19, and the Public/Private Health Care Debate," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 2(2), pages 17-45.
    9. Nitzan, Jonathan & Bichler, Shimshon, 2019. "CasP's 'Differential Accumulation' versus Veblen's 'Differential Advantage' (Revised and Expanded)," Working Papers on Capital as Power 2019/01, Capital As Power - Toward a New Cosmology of Capitalism.
    10. Mouré, Christopher, 2022. "No Shortage of Profit: Technological Change, Chip 'Shortages', and Capital Accumulation in the Semiconductor Business," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 262742, July.
    11. Rikap, Cecilia & Flacher, David, 2020. "Who collects intellectual rents from knowledge and innovation hubs? questioning the sustainability of the singapore model," Structural Change and Economic Dynamics, Elsevier, vol. 55(C), pages 59-73.
    12. Lindon Robison & A. Allan Schmid & Marcelo Siles, 2002. "Is Social Capital Really Capital?," Review of Social Economy, Taylor & Francis Journals, vol. 60(1), pages 1-21.
    13. Fragkandreas, Thanos & Larsen, Karin, 2009. "Social Capital and Economic Performance: some lessons from Farm Partnerships in Sweden," MPRA Paper 17916, University Library of Munich, Germany.
    14. Robison, Lindon J. & Siles, Marcelo E. & Schmid, A. Allan, 2002. "Social Capital And Poverty Reduction: Toward A Mature Paradigm," Agricultural Economic Report Series 10941, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    15. Giorgos Argitis, 2013. "Veblenian and Minskian financial markets," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 28-43.
    16. Luciano Messori & Raimondello Orsini, 2018. "John Bates Clark: the first American marginalist as a social economist," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2018(2), pages 33-53.
    17. Mouré, Christopher, 2021. "Costly Efficiencies: Health Care Spending, COVID-19, and the Public/Private Health Care Debate," Working Papers on Capital as Power 2021/05, Capital As Power - Toward a New Cosmology of Capitalism.
    18. Davanzati, Guglielmo Forges, 2018. "Structural change driven by institutions: Thorstein veblen revised," Structural Change and Economic Dynamics, Elsevier, vol. 45(C), pages 105-110.
    19. Cochrane, David Troy, 2015. "What’s Love Got to Do with It? Diamonds and the Accumulation of De Beers, 1935-55," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 157995, July.
    20. Guglielmo Forges Davanzati, 2016. "Thorstein Veblen on the nature of the firm and income distribution," Working Papers PKWP1618, Post Keynesian Economics Society (PKES).

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