Note 12 — INDUSTRIAL AND PECUNIARY EMPLOYMENTS[1]

Professor Fetter, in a recent paper (Quarterly Journal of Economics, November, 1900) is, perhaps, the writer who has gone the farthest in this direction in the definition of the capital concept. Professor Fetter wishes to confine the term capital to pecuniary capital, or rather to such pecuniary capital as is based on the ownership of material goods. The wisdom of such a terminological expedient is, of course, not in question here.