Conceptual realism is the theory that abstract universals, unobservable general classes or ideal types have a reality that is independent, equal and sometimes superior to the reality of their individual parts or specific examples. For instance, conceptual realists consider the abstract term "capital" as something real, concrete and permanent with different uses and characteristics from those of the "capital goods" of which it consists. Another example would be "national income." The philosopher A. N. Whitehead (1861-1947) called this the "fallacy of misplaced concreteness.
- Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-06-30.