----------------- HES POSTING ----------------- 
 
In response to Pat Gunning's remark that: 
 "'Market economy' describes better the current state of the world:  
capital can be obtained plentifully through a well-developed market; but the  
scarce factor to make it work are favorable _markets_, i.e. intense consumer  
desires and/or cheap, organized resources (technology, labor, nature). 
   
  Here, capital appears to be money. Of course money can be used to buy  
machines, tools, buildings, etc. but it can also be used to buy technology,  
labor, and rights to "natural" resources." 
  
 The Fundist approach does expand the definition of capital beyond that  
adopted by the production function approach where, in the latter, capital is  
exclusively a good. Money, however, in the Fundist approach is not  
necessarily accepted as being anything beyond a vehicle which measures and  
transports capital from its existence as fund to that of good. In other  
words, money, in and of itself, is not necessarily considered as a primary  
factor of production in the sense of labor or capital services. 
  
 Chas Anderson 
 
------------ FOOTER TO HES POSTING ------------ 
For information, send the message "info HES" to [log in to unmask]