Maintaining Capital Intact: A Reply to Professor Pigou

“Maintaining Capital Intact: A Reply [to Professor Pigou.]” Economica N.S. 8 (1941): 276–280.


“Professor Pigou’s defense of the conception of “maintaining capital intact” consists essentially of two parts. The first is a restatement of his own attempt to define its meaning. The second is a plea that’s, even if this particular attempt should not be regarded as successful, economists still ought to continue to seek for the definite and unique sense which he believes must be behind the admittedly vague meaning that this concept has in practice. I shall try briefly to answer each point in turn.”