History
The distinction between a stock and a flow is elementary, and dates back centuries in accounting practice (distinction between an asset and income, for instance). In economics, the distinction was formalized and terms were set in (Fisher 1896), in which Irving Fisher formalized capital (as a stock).
Polish economist Michał Kalecki emphasized the centrality of the distinction of stocks and flows, caustically calling economics "the science of confusing stocks with flows" in his critique of the quantity theory of money (circa 1936, frequently quoted by Joan Robinson).
Read more about this topic: Stock And Flow
Famous quotes containing the word history:
“It takes a great deal of history to produce a little literature.”
—Henry James (1843–1916)
“It’s a very delicate surgical operation—to cut out the heart without killing the patient. The history of our country, however, is a very tough old patient, and we’ll do the best we can.”
—Dudley Nichols, U.S. screenwriter. Jean Renoir. Sorel (Philip Merivale)
“I cannot be much pleased without an appearance of truth; at least of possibility—I wish the history to be natural though the sentiments are refined; and the characters to be probable, though their behaviour is excelling.”
—Frances Burney (1752–1840)