The author seems to be referring to financial definitions of capital rather than an economic definition of capital. It would surprise me if the physical capital stock of any country weren't at least 5 times larger than it's GDP. A global capital stock of USD 100 trillion against a world GDP of USD 80 trillion strikes me as too low.
Also, how does one add up the values of financial instruments? The capital he's referring to includes stocks, bonds and loans. What if I take a loan so that I might buy some bonds?
Lastly, not all assets are traded in each period, and some might never be sold, such that their values cannot be observed in financial markets.
Also, how does one add up the values of financial instruments? The capital he's referring to includes stocks, bonds and loans. What if I take a loan so that I might buy some bonds?
Lastly, not all assets are traded in each period, and some might never be sold, such that their values cannot be observed in financial markets.