By Frank A. Fetter
Frank Fetter of Princeton collage was once one of many nice American Austrians, and maybe the main lucid defender of the "pure time choice" thought of curiosity within the historical past of financial rules.
Rothbard realized from him, after which accrued his top paintings right into a unmarried quantity that works as a reader at the Austrian conception of capital and curiosity. If we're tempted to consider the Austrian standpoint as a tiny minority in the career, this quantity indicates that the location has continually been extra complicated. Fetter used to be no longer an Austrian from commencing to finish, yet in this subject, not anyone wrote with extra conviction and explanatory strength.
The English is gorgeous, and good judgment is rigorous. With this reprint, Fetter back has a voice.
410 pages, 6" x 9", paperback
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Extra resources for Capital, Interest, and Rent: Essays in the Theory of Distribution
3 In the chapter on historical development he begins with a mention of the mediaeval view of capital as "an interest-bearing sum of money," gives a few words to Turgot's "saved goods" (a very inadequate, not to say mistaken, interpretation of Turgot's view), and passes on to Adam Smith's division of these into consumption goods and capital that brings an income. In Smith's treatment the author thinks he finds the germ of the productivity theory of interest, which he considers false. 6 Among these many variations the author gives his approval to that of Adam Smith, giving it "a more distinct formulation,"7 however, and distinguishing between the wider and narrower conceptions, acquisitive (private) and productive (social) capital.
I shall then go on to formulate more positively a capital concept which will be free, I trust, from the many objections that have been considered. 4. PRIVATE AND SOCIAL CAPITAL: AN ILLOGICAL DISTINCTION I have sought in the foregoing to give a clear statement to the capital concept of Böhm-Bawerk and its recent rivals, those of Professors Clark and Fisher, to show the main points of difference, and finally to criticize in some detail the conceptions of these later writers. We are now prepared to return to the criti- 50 Capital, Interest, and Rent cism of Böhm-Bawerk's views which were the starting-point of our study, and, taking up more thoroughly than before some of the issues involved in his definition, to work towards a positive conclusion.
That is creating capital. "48 The simple mode of expression that some capital has been created, while an equal amount has been destroyed, is thus not to be permitted. Surely, since capital has substance and consists in goods, there is only one way in which its amount can be preserved while some of it is being destroyed; and that is, by "creating" more capital to replace that destroyed. And what would be the circle within which the balance must be struck? Would it be the individual, the national, or the world economy?
Capital, Interest, and Rent: Essays in the Theory of Distribution by Frank A. Fetter