And according to the spheres of functioning - into production (industrial), trade, financial (loan).

Among the theories of capital and profit, the most famous are the labor theory, the theory of abstinence, the theory of capital as an income-generating good.

Capital as an economic resource is divided into real and. Therefore, it is advisable to first consider capital as a whole, especially its concept and theory, then real and financial capital separately.

The concept and essence of capital

The desire to explain the essence and significance of capital was shown by representatives of all major schools and areas of economic science. This can be seen even from the title of many works. Let us mention, in particular, "Capital" by K. Marx, "Capital and Profit" by E. Behm-Bawerk, "The Nature of Capital and Profit" by I. Fischer, "Cost and Capital" by J. Hicks.

Essence, types and forms of capital

Capital - this is the sum of goods in the form of material, intellectual and financial resources used as a means to produce more goods.

Narrower definitions are also common. According to the accounting definition, capital refers to all the assets of the firm. According to the economic definition, capital is divided into two types - real, i.e. in material and intellectual form, and, i.e. in the form of money and valuable papers. Increasingly, a third type is also distinguished - human capital, which is formed as a result of investments in the education and health of the workforce.

Real capital (real assets, non-financial assets) is divided into fixed and working capital (Fig. 17.1). Fixed assets usually include property that has been in use for more than one year. In Russia, fixed capital is called fixed assets.

Real working capital should include only material, i.e. inventories, work in progress, stocks of finished goods and goods for resale. This is the economic definition of working capital.

Rice. 17.1. Structure of real capital

If we add to the material working capital funds in settlements with suppliers and buyers (i.e. loans and installment payments to buyers, and deferred expenses, i.e. advances to suppliers), cash on hand of the enterprise and expenses for wages, then we get working capital(current assets, or current assets) by accounting definition.

Real capital brings income in the form of profit. She may be in different options: profit of the firm, royalties of the owner of intellectual capital (for example, the owner of a patent), etc.

Financial capital (financial assets, more rarely capital assets) consists of and . It is born of need. Financial capital generates income in the form of profit (from stocks) and interest (from bonds, bank accounts and deposits, loans). Loan capital is called .

Theories of capital

Theories of capital have a long history.

A. Smith characterized capital as accumulated stock of things or money. D. Ricardo already interpreted it - as a material reserve - a means of production. Stick and stone in hand primitive man seemed to him the same element of capital as machines and factories.

The Ricardian approach to capital as a stock of means of production is reflected in statistics national wealth a number of countries, including Russia. Thus, domestic statistics include fixed assets, inventories, household property (consumer durables). In 2003, the Federal State Statistics Service of Russia estimated the country's national wealth at 35 trillion rubles. It consisted of 82% of fixed assets, 7% of inventories, and 11% of household goods.

Unlike their predecessors K. Marx approached capital as a category of social character. He argued that capital is a self-increasing value, giving rise to the so-called surplus value. Moreover, the creator of the increase in value ( surplus value) he considered only the labor of hired workers. Therefore, Marx believed that capital is, first of all, a certain relationship between different strata of society, in particular between wage workers and capitalists.

Among the interpretations of capital, one should mention the so-called temperance theory. One of its founders was the English Nassau economist William Senior (1790-1864). Labor was regarded by him as the "sacrifice" of the worker, who loses his leisure and rest, and capital - as the "sacrifice" of the capitalist, who refrains from using all his property for personal consumption, and turns a significant part of it into capital.

On this basis, the postulate was put forward that the benefits of the present are of greater value than the benefits of the future. And consequently, the one who invests in economic activity, deprives himself of the opportunity to realize part of his wealth today, sacrifices his current interests for the sake of the future. Such sacrifice deserves to be rewarded in the form of profit and interest.

According to the American economist Irving Fisher (1867-1947), capital is what generates the flow of services that turn into an influx of income. The more the services of this or that capital are valued, the higher the income. Therefore, the amount of capital must be estimated on the basis of the amount of income received from it. So, if renting out an apartment brings its owner $5,000 annually, and in a reliable bank he can get 10% per annum on the money deposited in the urgent account, then the real price of the apartment is $50,000. % per annum to receive $5,000 annually.

The concept of capital, proposed by Fisher, is the most common in economics.

Manufacture of products is carried out in the process of interaction between the labor force and certain means of production, consisting of means of labor and objects of labor.

Objects of labor - this is all that human labor is directed to, to be processed in the production process in order to manufacture products for personal and industrial consumption.

Means of labor - these are various mechanisms, tools, engines, tractors, cars, buildings, etc., that is, these are the means by which people produce products and provide services.

The means of labor and objects of labor are the material content of productive capital. The means of labor find their expression in the fixed capital of the enterprise, while the objects of labor find their expression in the reverse. At the same time, the means of production as a set of means of labor and objects of labor become productive capital only from the moment of their direct use in the production process. Productive capital, unlike the means of production, is an economic category of value. This means that it does not include all elements of the means of production in general, but those that have value. So, the means of production consist of means of labor and objects of labor, and productive capital consists of fixed and circulating capital.

The word "capital" comes from the Latin "capitalis", which means - main, main. At the same time, it should be noted that representatives of different economic schools associated different concepts with capital: value, which brings additional value (A. Smith, D. Ricardo, K. Marx); part of the wealth that participates in the production process (F. Wieser, I. Fisher, J. S. Mill) monetary value is reflected in the accounts of firms (J. R. Hicks) the totality of equity and equity capital of private enterprises.

Now in economic theory, the characterization of capital as an economic resource occupies a central place. The capital of the enterprise is considered as a factor of production. Under the factor of production should be understood as a set of means of production involved in the production process and directly affect the results of production.

So, enterprise capital is a set of means of production, values ​​in material, monetary and intangible forms, providing its owner with the receipt of surplus value.

The study of the capital of an enterprise is not limited to its characterization only as a factor of production. By its socio-economic nature, capital reflects the relations of production that are formed in society. The owner of capital buys the means of production and labor power on the market, combines them in the process of production, and after the sale of the created product receives a greater value than was advanced by him.

Advance capital - This is the amount of funds that the owner invests in the enterprise with the aim of making a profit as a result of its activities. The money is used to purchase means of production and pay

In practice entrepreneurial activity the advanced capital is divided into main and reverse. This is due to the fact that various material elements of productive capital are characterized by certain features of functioning in the production process. Thus, the means of labor (buildings, structures, machines, equipment, etc.) operate for a long time, serving many production cycles. The objects of labor (seeds, feed, raw materials, fuels and lubricants, etc.) are completely consumed during one production period.

Main capital - it is the part of the productive capital which consists of the value of the instruments of labour, which are turned over in the course of several periods of production and gradually transfer their value to the product produced.

The term is also used in accounting. fixed assets reflecting the value of the means of labor. In Regulation (standard) accounting 7 notes that fixed assets - these are tangible assets that an enterprise holds for the purpose of using them in the production process or rendering services, the expected useful life (operation) of which is more than one year.

In the process of production, capital makes a circuit and is successively found in such functional forms as monetary, industrial and commodity. The continuity of the movement of productive capital is the most important condition for the successful operation of an enterprise. Delaying its movement at one stage disrupts the rhythm of production, which reduces its efficiency.

In the process of production, individual material elements of fixed capital play an unequal role, so they are divided into active and passive.

To active parts of fixed capital include a complex of machines and mechanisms that are directly involved in the production process (tractors, combines, vehicles equipment, production equipment, etc.).

To passive part of the fixed capital includes all its types that are not directly involved in the manufacture of the product, but which are necessary for the performance production process. They ensure the normal use of the active part of fixed capital ( industrial premises, structures).

Accounting for fixed assets is carried out in natural and value forms. natural indicators (area, number and capacity of power machines, equipment, etc.) are used in determining production capacity, developing equipment balances, and improving the composition of fixed assets. According to the ratio of the cost of certain types of fixed capital, the material and material structure of the fixed capital of the enterprise is determined.

value form accounting is necessary to determine the amount of depreciation, calculation of the cost of production. There are such types of valuation of fixed assets:

Initial cost (initial) - this is their actual cost at the time of commissioning or acquisition. It includes the cost of acquiring an item of fixed assets, the cost of their delivery, the costs of installation and commissioning of an item of fixed assets, other related costs associated with the acquisition or construction of an item of fixed assets. The acquired (created) fixed assets are credited to the balance sheet of the enterprise at their original cost.

Revalued or restored the value of fixed assets is the cost of their reproduction in modern conditions of production. It takes into account the same costs as the original cost, but at modern prices, that is, the revalued cost - the value of non-current assets after their revaluation.

residual value - is defined as the difference between the initial cost and the amount of depreciation accumulated over the entire period of operation of the fixed asset. This is the real value of fixed assets in a certain period.

Liquidation value - this is the cost of selling worn out and discontinued fixed assets (this can be the cost of scrap, aggregates, spare parts, metal, rubber, etc.). In business practice, it is used to calculate depreciation rates and determine the consequences of the liquidation of worn-out fixed assets. At this cost, an enterprise can also transfer fixed assets to the balance sheet of another enterprise.

In analytical studies, they calculate average annual cost fixed assets is determined on the basis of historical cost, taking into account their input and disposal according to the following formula:

where, - the average annual cost of fixed assets;

The amount of the cost of fixed assets put into operation during the year;

The amount of the value of fixed assets retired during the year;

t- months, fixed assets will be;

The months remaining until the end of the year after the disposal of property, plant and equipment.

Macroeconomics operates with a certain list of important terms. Capital plays a key role in it. However, in itself this is an extremely broad concept. Let's define what objects belong to physical capital. Let's start with a general theory.

Capital is...

Capital is all material assets: equipment, buildings, other structures, tools, goods, infrastructure, and so on. Viewed from the point of view of classical political economy, it refers to one of the three factors of production (the other two are labor and land).

Modern economics defines capital as any value that can bring profit. This includes equipment, a share, a building, and a deposit in a bank. As well as human skills and abilities, experience, education that can bring income to their owner. Here, however, we are talking about human capital.

The concept can also be considered as a flow (investments that multiply the benefits already available) and as a stock (benefits accumulated over a period of entrepreneurial activity).

Physical and monetary capital

Consider the two subheading varieties:

• Physical - the means of production, the use of which brings a certain income. Physical capital includes facilities and buildings, equipment and vehicles, land, goods and machinery.
• Money is finance. They will just be directed to the acquisition of physical capital. By itself, this monetary category does not generate income.

Which of the following is not true of fixed physical capital? The funds prepared for its acquisition.

Features of physical capital

Let's spread the concept. We have considered what objects belong to physical capital. It can also be called real, productive or capital goods. The main difference is that it is completely man-made. Physical capital is divided into two main components:

• Basic. Funds that are repeatedly used in the labor process (buildings, machines, machines, equipment, etc.).
• Negotiable. What is consumed during one production cycle (materials, semi-finished products, raw materials).

It grows by acquiring the mentioned objects. This expansion is called an investment.

It is important to distinguish from capital services: hours of operation of machinery, equipment, service life of office space, etc.

Thus, physical capital includes all objects used in production, except Money, which are accumulated for its expansion. The latter do not bring income to the enterprise.

Topic: Capital market

Loan offer does not depend from…

Solution:

Topic: Capital market

The price at which the object of the capital services market will be leased, will not include into yourself...

Solution: Leasing equipment is associated with marginal costs, which include: 1) depreciation (equipment wears out and loses some of its value, these costs are included in the rental price); 2) the need to repair, adjust and transport equipment before leasing (expenses for routine maintenance of equipment are included in the rental price); 3) the lessor receives income from the purchase and rental of equipment in an amount not less than what he would have received by putting this money in the bank (that is, opportunity costs are also included in the cost of rent). The expected rate of return on capital is what the investor is guided by when investing in physical capital in the capital goods market. It is not included in the rental price.

Topic: Capital market

Loan offer does not depend from…

Solution: The offer on the market of borrowed funds is carried out by banks and depends on the amount of funds at the disposal of the bank. Their value is directly affected by the size of deposits, that is, the savings of citizens. The amount of savings depends on the interest rate on deposits. The amount of supply is also affected by the interest rate on loans (the higher the rate, the greater the offer). The expected rate of return on capital is a factor influencing an investor's decision to invest in fixed capital and does not affect the supply of borrowed funds in the market.

Topic: Capital market

to the main capital do not include…

Solution: Productive capital is divided into fixed and circulating capital. Fixed capital (instruments of labor) participates in the entire production process, but transfers its value to the product in parts as it wears out. Circulating capital (objects of labor) is consumed completely during one production cycle and fully transfers its value to the finished product. Also, working capital includes low-value means of labor, completely consumed in the process of one circuit. Thus, from the above, working tools are not included in the fixed capital.

Topic: Capital market

Loan offer does not depend from…

Topic: Capital market

To the subjects of the capital market do not include…

Solution: Circulating capital (objects of labor) is consumed completely during one production cycle and fully transfers its value to the finished product. Material and material carriers of working capital are objects of labor (raw materials, materials, fuel) and labor. Expensive objects of labor are fixed capital. Thus, from the proposed one, expensive means of labor are not included in the working capital.

Topic: Capital market

Loan offer does not depend from…

Topic: Capital market

To the subjects of the capital market do not include…

Solution: In the general model of the circulation of goods, resources and income, the economic agent, the household, is a supplier of resources in the market for factors of production, including the capital market. There are 3 segments of the capital market: the market for capital services, the market for capital goods and the market for borrowed funds. The state can be the subject of all three segments of the capital market. Investors are participants in the market for borrowed funds and the market for capital goods. Banks are participants in the market for borrowed funds. And recruitment agencies are subjects of the labor market and are not subjects of the capital market.

Topic: Capital market

To working capital do not include…

Adam Smith defined capital as labor accumulated over time, David Ricardo argued that capital is production.
Capital consists of durable goods created economic system to reproduce other goods. These goods include a large number of machines, roads, computers, trucks, buildings, etc.

The concept of capital

Views on capital are different, but they all have one thing in common: capital is identified with the ability to generate income. It can be defined as investments that are used in the production of goods and services and their delivery to the consumer.

In a broad sense, capital is anything that can generate income, or resources used by a person to produce various goods and services.

In a narrow sense, capital is a source of income invested in a business, working as a means of production, that is, it is physical capital.
Two main forms of physical capital: fixed and circulating.

Main capital

Fixed capital is a part of productive capital, whose value is transferred in installments to the manufactured product over a certain number of periods.

Part of the advanced capital spent on the construction of buildings and structures, the purchase of machinery and equipment can be attributed to this type of capital - these are tangible assets. Fixed capital also includes intangible assets - patents, licenses, copyrights, etc.

The fixed capital is returned to the owner in cash after the sale of the goods to the extent that its value was transferred to the manufactured product. That is, there can be a fairly large gap between the moment of receipt and the return of invested funds. This must be taken into account when deciding to purchase expensive equipment. The problem is also connected with the fact that fixed capital has a sign of not only physical, but also obsolescence.

Fixed capital costs are written off in parts gradually. In the same amount as the write-off, a share of the cost is deducted from book value assets.

Working capital

Working capital is an element of productive capital. Its value is transferred to the produced goods in full and returns back to its owner in cash immediately after the sale of the goods, in whose price the cost of working capital was included.

Working capital includes the share of advanced capital that was spent on the purchase of raw materials, fuel, payment for electricity, auxiliary materials, and labor. It also includes money.
Sources of capital are considered to be profit, bank credit, investments, funds of the founder, etc.