In SORAnomics, a society's wealth manifests as the goods and services that are circulate in it. The goods or products are called 'stock' and are divided into three: stock for consumption, fixed capital, and circulating capital
These divisions are important because they are the basis of our proposed FairTax system which focuses on taxing stock from rent and profit revenue.
Modern economics does not make a distinction between fixed and circulating capitals and instead merges both into a single ‘capital’ concept. This in turn is the effect of enshrining the idea that money is wealth. ‘Capital’ nowadays means an amount of money that is set aside for investment over a long period.
Another key difference is that Smith’s system treats skills as a fixed capital that is more important than money. Nowadays, speculators can get rich by making the right bets with money, and this would seem to disprove Smith’s system, as proven by George Soros and by stock and currency speculators. However, successful speculators have skill and this fixed capital is really what gives them their revenue, and not their money.