Prospects for synthesis of capital theories based on the negentropy approach
https://doi.org/10.34020/1993-4386-2025-1-88-107
Abstract
The article considers existing theories of capital, their advantages and disadvantages. The similarities and differences between alternative concepts of capital are revealed. The author's classification of basic types of capital is given. The concept of the stock of negentropy as a methodological basis for the negentropic approach to understanding the essence of capital is substantiated. The objective negentropic nature of capital as a self-reproducing stock of negentropy within economic systems is revealed. The essence and connections between different basic types of capital as self-reproducing stocks of negentropy are revealed. The formation and circulation of capital are explained from the point of view of the negentropic approach. The phenomena of surplus value and wear-and-tear of capital are explained from the point of view of the negentropic approach. Existing theories of capital are considered as special cases of the negentropic approach. Recommendations are given for regulating the circulation of different types of capital taking into account the negentropic essence of capital.
About the Author
V. Islamutdinov
Kazan (Volga Region) Federal University, Elabuga Institute (branch) of KFU; Urgench State University
Russian Federation
Russian Federation
Vadim F. Islamutdinov – Doctor of Economics, Associate Professor, Professor of the Yelabuga Institute (branch); Acting Professor, Department of Economics
Kazan, Republic of Tatarstan; Urgench, The Republic of Uzbekistan
References
1. Rozov D. V. Evolutionary development of the theory of fixed capital, Finansy i kredit, 2007, No. 8 (248), pp. 52-73. (In Russ.).
2. Baranov D. N. Development of criteria for the concept of "capital" based on the evolution of the views of the classics of economic theory, Vestnik Moskovskogo universiteta imeni S. YU. Vitte. Seriya 1: Ekonomika i upravlenie, 2014, No. 4 (10), pp. 3-9. (In Russ.).
3. Marx K. Kapital. Kritika politicheskoj ekonomii. T. 2. Kn. II: Process obrashcheniya kapitala [Capital. Critique of Political Economy. Vol. 2. Book II: The process of capital circulation], Moscow, Gosudarstvennoe izdatel'stvo politicheskoj literatury, 1951, 532 p. (In Russ.).
4. Rosenberg D. I. Kommentarii k «Kapitalu» K. Marksa. [Comments on "Capital" by K. Marx], Moscow, Ekonomika, 1984, 721 p. (In Russ.).
5. Böhm-Bawerk O. von. Kapital i pribyl'; T. 2: Pozitivnaya teoriya kapitala; T. 3: Ekskursy [Capital and Profit; Vol. 2: Positive Theory of Capital; Vol. 3: Excursions], trans. from English, Chelyabinsk, Socium, 2010, 916 p. (In Russ.).
6. Kovalev A. V. Theory of Capital by F. A. Fetter, Belorusskij ekonomicheskij zhurnal, 2018, No. 2, pp. 129–138. (In Russ.).
7. Braun E. The Theory of Capital as a Theory of Capitalism. Journal of Institutional Economics, 2017, Vol. 13, Iss. 2, pp. 305–325. DOI: https://doi.org/10.1017/S1744137416000394.
8. Braun E. Capital is not a factor of production but organizes the allocation and distribution of resources in capitalism. Rev Austrian Econ, 2024. https://doi.org/10.1007/s11138-024-00655-1
9. Hodgson G. M. What is Capital? Economists and sociologists have changed its meaning – Should it be changed back? Cambridge Journal of Economics, 2014, Vol. 38, No. 5, pp. 1063–1086.
10. Keynes J. M. Obshchaya teoriya zanyatosti, procenta i deneg [The General Theory of Employment, Interest and Money], trans. from English, Moscow, ZAO «Bizneskom», 2013, 408 p. (In Russ.).
11. Cohen A. J., Harcourt G. C. Whatever happened to the Cambridge Capital Theory controversies? Journal of Economic Perspectives, 2003, Vol. 17, No. 1, pp. 199–214. DOI: 10.1257/089533003321165010.
12. Modigliani F., Miller M. H. The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 1958, Vol. 48, No. 3, pp. 261–297.
13. Astrakhantseva I. A., Kapustin A. V. Analysis of the main theories of the structure and optimization of the company's capital. Izvestiya VUZov. Seriya «Ekonomika, finansy i upravlenie proizvodstvom», 2013, No. 04 (18), pp. 39–44. (In Russ.).
14. Luzin N. A. Evolution of the theory of intellectual capital. Chelyabinskij gumanitarij, 2013, No. 2 (23), pp. 21–29. (In Russ.).
15. Wuttaphan N. Human capital theory: the theory of human resource development, implications, and future. Rajabhat J. Sci. Humanit. Soc. Sci., 2017, No.18 (2), pp. 240–253.
16. Garavan Th. N., Morley M., Gunnigle P., Collins E. Human capital accumulation: the role of human resource development. Journal of European Industrial Training, 2001, Vol. 25, Iss. 2/3/4, pp. 48–68.
17. Tuguskina G. N. Human capital of the enterprise: theory, methodology, assessment Doctor Sci. (Econ.) Abstract of Thesis, Moskow: Gosudarstvennyj universitet upravleniya, 2011, 47 p. (In Russ.).
18. Tsounis A., Xanthopoulou D. Social Capital Theory: A review. In S. Papagiannidis (Ed), Theory Hub Book, 2024. URL: https://open.ncl.ac.uk/theory-library/social-capital-theory.pdf.
19. Häuberer J. Social Capital Theory. Towards a Methodological Foundation. VS RESEARCH. Dissertation Charles University in Prague, 2010. URL: https://link.springer.com/book/10.1007/978-3-531-92646-9#about-this-book (date of application: December 13, 2025).
20. Merkulov D. V. Social capital and its role in economic development (Theoretical issues), Cand. Sci. (Econ.) Thesis, Moscow: Moskovskij gosudarstvennyj oblastnoj universitet, 2005, 166 p. (In Russ.).
21. Belousov K. Yu. Negative social capital of modern Russian corporations: trends, prospects, problems and ways to solve them, Sotsial'nyi kapital sovremennogo obshchestva [The social capital of modern society], Proceedings of the II International Scientific Conference (St. Petersburg, October 6, 2017), St. Petersburg: Skifiyaprint, 2018, рр. 15–25. (In Russ.).
22. England R. W. Natural capital and the theory of economic growth. Ecological Economics, 2000, No. 34, pp. 425–431.
23. Bateman I. J., Mace G. M. The natural capital framework for sustainably efficient and equitable decision making. Nature Sustainability, 2020, No. 3, pp. 776–783. DOI: https://doi.org/10.1038/s41893-020-0552-3.
24. Nadal A. The natural capital metaphor and economic theory. Real-World Economics Review, 2016, No. 74, pp. 64–84.
25. Shvaiko A. A. Institutional capital and its generation in a modern firm, Innovacii i investicii, No. 11, 2019, pp. 45–48. (In Russ.).
26. Ermolaev K. N. Titul'nyj kapital: metodologiya, teoriya, praktika [Title capital: methodology, theory, practice], Cand. Sci. (Econ.) Thesis, Samara: Samarskij gosudarstvennyj ekonomicheskij universitet, 2014, 256 p. (In Russ.).
27. Yusuf Aminu Y., Zainudin N. A Review of Anatomy of Working Capital Management Theories and the Relevant Linkages to Working Capital Components: A Theoretical Building Approach. European Journal of Business and Management, 2015, Vol. 7, No. 2, pp. 10–18.
28. Porritt J. Capitalism as if the World Matters. Earthscan, 2007.
29. Goodwin N. R. Five Kinds of Capital: Useful Concepts for Sustainable Development. G-DAE Working Paper, No. 03-07, pp. 1–13. URL: https://ageconsearch.umn.edu/record/15595?v=pdf.
30. Tittenbrun J. Concepts of Capital in Pierre Bourdieu’s Theory. Kultura i Edukacja, 2015, No. 2 (108), pp. 95–113. DOI: 10.15804/kie.2015.02.06.
31. Orlov I. B., Bushuev V. V., Golubev V. S. Vvedenie v sistemnuyu teoriyu kapitala [Introduction to the systemic theory of capital], Moscow: LENAND, 2013, 152 p. (In Russ.).
32. Georgescu-Roegen N. The entropy law and the economic process / Cambridge, MA. – Harvard University Press, 1971, 457 р.
33. Islamutdinov V.F. Negentropic approach to substantiating the essence of money, Sibirskaya finansovaya shkola, 2024, No. 2 (154), pp. 5–19. (in Russ.).
34. Kuprin A. Obshchaya teoriya kapitala. Samovosproizvodstvo lyudej posredstvom vozrastayushchih smyslov. Chast' pervaya [General theory of capital. Self-reproduction of people through increasing meanings. Part one], Izdatel': SelfPub, 2022, 160 р. URL: https://www.rulit.me/author/kuprin-a/obshchaya-teoriya-kapitala-samovosproizvodstvo-lyudej-posredstvom-vozrastayushchih-smyslov-chast-per-download-743184.html (date of application: February 15, 2025). (in Russ.).
35. Boos V.O. Using the concept of entropy to describe the influence of intellectual capital on the financial results of an enterpriseб Vestnik YUUrGU, 2011, No. 28, pp. 12–16. (in Russ.).
36. Davnis V.V., Korotkikh V.V., Lukin I.A. Entropy analysis of portfolio decisions, Sovremennaya ekonomika: problemy i resheniya. 2018, No. 1 (98), pp. 20–35. (in Russ.).
37. Islamutdinov V. F., Kurikov V. M. On the application of the entropy approach in economic research on the management of economic systems, Sibirskaya finansovaya shkola, 2022, No. 2 (146), pp. 168-178. (in Russ.).
38. Larshina T.L. Development of the Theory of Reproduction, Social'no-ekonomicheskie yavleniya i processy, 2015, Vol. 10, No. 11, pp. 68–73. (in Russ.). DOI: 10.20310/1819-8813-2015-10-11-68-73.
39. Schumpeter J. A. Capitalism, socialism and democracy, 3. ed., Harper & Row, 1975, XIV, 431 с.
40. Marx K. Teorii pribavochnoj stoimosti. (4-j tom «Kapitala»). Chast’ 1. [Theories of Surplus Value. (Volume 4 of Capital). Part 1.], Moscow: Politizdat, 1978, 476 p. (in Russ.).
41. Islamutdinov V. F. Prerequisites for the formation of a complex theory of value based on the entropy approach, Sibirskaya finansovaya shkola, 2023, No. 3 (151), pp. 104-117. (In Russ.).
Review
For citations:
Islamutdinov V. Prospects for synthesis of capital theories based on the negentropy approach. Siberian Financial School. 2025;(1):88-107. (In Russ.) https://doi.org/10.34020/1993-4386-2025-1-88-107
Views:
64
Email this article 