Product and capital are essentially different things; the former belongs to individuals, the latter to society.
About this quote
- What does it mean?
- Tucker distinguishes between personal property and broader capital assets, arguing they serve different social roles.
- In plain terms
- Personal goods belong to people, but capital belongs to the community.
- What can you take from it?
- Distinguish personal use items from broader economic assets.
Where it applies
Putting it to work
Questions to consider
- How do you define capital versus personal product?
- Who should control societal assets?
Another view
The distinction between product and capital is not universally agreed upon in economics.
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