ABSTRACT
Livestock as Capital and Problems of its Accumulation From an economic point of view, it seems logical to consider livestock as a form of capital asset. The physiological ability to reproduce itself qualifies livestock as an accumulation of goods devoted to the creation of other goods, and thus producing an income for its owners. The generally observed tendency on the part of pastoralists to maximize the proportion of reproductive female animals serves this end. But, unlike most other capital assets, livestock is capable of two important functions of distinct nature: one being the production of other capital goods in the form of new animals, and the other being the provision of a variety of consumption goods. While the first of these functions is instrumental in the process of replacement and net accumulation of capital stock, the second can be used as a form of disinvestment.
