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The Place of Science in Modern Civilisation, and Other Essays

Note 11 — INDUSTRIAL AND PECUNIARY EMPLOYMENTS[1]

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In current theory the term capital is used in these two senses; while in business usage it is employed pretty consistently in the former sense alone. The current ambiguity in the term capital has often been adverted to by economists, and there may be need of a revision of the terminology at this point; but this paper is not concerned with that question.

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