Mises Daily
Author:
Sean Corrigan
Online Publish Date:
In a hard-hitting address first given to the American Statistical Society back in 1934, Fritz Machlup laid out the crucial concept of capital consumption for his audience. ( Review of Economic Statistics , Volume 17, Issue 1, January 15, 1935, pp. 13-19.) Machlup looked at what factors might induce entrepreneurs to divert funds normally