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For a brief interlude in the mid-seventies, Delhi had seemed like a functioning capital.
If a functioning capital market had existed, remarked Mr Greenspan, the East Asian crisis might have been less severe.Developing deep and liquid corporate-bond markets, in particular, could make emerging economies less vulnerable.
"AVB can also self-fund development, which means it doesn't have to rely on a functioning capital market for construction loans," McCulloch adds.
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The Dodd-Frank bill also didn't eliminate what Schlosstein describes as "a whole bunch of activities that fell into the category of speculation rather than effectively functioning capital markets".
"That is a function of capital going global and of people knowing about entrepreneurship globally".
Growth of GDP per capita is a function of capital formation, export growth and trade partner growth.
It's important to note that venture returns are a function of capital and time, so quicker exits will also drive higher returns for the same amount invested.
According to neoclassical economic theory, the concept of productivity is based on the production function, where output is a function of capital and labor input.
"Nevertheless the impact on the creditworthiness of the fixed-line company will depend on its capital structure on separation, and how much of the capex is ultimately debt funded, which in turn will partly be a function of capital management initiatives going forward," the agency said.
But in the economics departments, students like Ben Bernanke were told again and again and again that "production is a function of capital and labor".
First, the concept of productivity loss due to illness is, according to economic theory, based on the concept of a production function where output is a function of capital input, labour input and technology.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com