Capitalization of the agricultural industry in western Canada
Gunn, Robert Roy
Capital has been variously defined, but perhaps the most satisfactory definition for the purpose of this report is "Capital is wealth employed in or available for production." Economists give land, labor and capital as the factors of production. Buildings being permanently attached to land are usually regarded as part of it. When referring to agriculture, however, it is necessary to consider that land and buildings constitute a large percentage of the farmers wealth; land in particular, being the source of all agricultural production. It seems reasonable and justifiable, therefore, to use the term 'capital' with respect to agriculture to mean the entire amount of funds which are tied up in the farm business...