> So what you see is people hoarding capital goods.
owning capital goods isn't hoarding, since that implies you are not making use of it (like a squirrel would "hoard" nuts, which over time would rot).
Capital goods are doing something productive - or the capital is misallocated and is losing you money. Too much misallocation would indeed cause problems, but every owner of capital is incentivized to allocate their capital to the highest returning task they can accept a risk for.
Those who do not own capital will sell their labour. Any excess they earn apart from their sustenance would be spent on acquiring capital. In this way, everyone who produce more than they consume would accumulate capital, and partake in the economic growth.
As for why land is treated as capital good - land is required for a lot of things, and the properties of land is not any different from any other capital good. The problem may be that there are some gov't interventions on land use that prevent it from being used for the most productive purpose - this should be corrected, but i have no idea how as vested interests are preventing it from happening.
There's a fundamental difference - nobody created land, and the value that you are capturing is of your neighbors producing it. You can buy an empty plot of land, do nothing on it, and then sell it for double you bought it for 10 years later. Someone else could have had a use for that land. That's obviously hoarding. It doesn't rot.
Stocks are less egregious for this trait as it's just zeros and ones, but the fact remains that if you want to hold value, you must invest in something. For a typical person who just wants to store their labor and not make a bet, they are unable to. Back in medievil times when population and productivity were flat, the money supply was flat, and there was no need to invest to store. There's nothing other than politics saying that it can't be true again today, the math just might be trickier, but I think we can handle that.
owning capital goods isn't hoarding, since that implies you are not making use of it (like a squirrel would "hoard" nuts, which over time would rot).
Capital goods are doing something productive - or the capital is misallocated and is losing you money. Too much misallocation would indeed cause problems, but every owner of capital is incentivized to allocate their capital to the highest returning task they can accept a risk for.
Those who do not own capital will sell their labour. Any excess they earn apart from their sustenance would be spent on acquiring capital. In this way, everyone who produce more than they consume would accumulate capital, and partake in the economic growth.
As for why land is treated as capital good - land is required for a lot of things, and the properties of land is not any different from any other capital good. The problem may be that there are some gov't interventions on land use that prevent it from being used for the most productive purpose - this should be corrected, but i have no idea how as vested interests are preventing it from happening.