Category - Business & Money
Bestsellers rank - 8
Excerpt from The Rate of Interest, Its Nature, Determination and Relation to Economic Phenomena
The problem of interest has engaged the attention of writers for two thousand years, and of economists since economics began. And yet, with the exception of what has been accomplished by Rae, bohm-bawerk, Landry, and some others, very little progress has been made toward a satisfactory solution. Even these writers can scarcely claim to have established a definitive theory of interest. While the value of their work is great, it is chieﬂy negative. They have cleared the way to a true theory by removing the confusions and fallacies which have beset the subject, and have pointed out that the rate of interest is not a phenomenon restricted to money markets, but is omnipresent in economic relations.
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