Myros and Other Concepts and Definitions

Abstract

The purpose of this chapter is to establish the concepts and definitions that will be used in the sequel. One of the problems with economics is that much of its vocabulary consists of everyday words such as income, capital, and money that have fairly time-honored technical meanings, but meanings that frequently vary from economist to economist and from one generation of economists to another. As was noted in Chapter 1, capital is a notable example, as there are about as many concepts of capital as there are economists who have thought and written about it.