By Frank A. Fetter
Frank Fetter of Princeton college 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 monetary rules.
Rothbard discovered from him, after which gathered his top paintings right into a unmarried quantity that works as a reader at the Austrian thought of capital and curiosity. If we're tempted to consider the Austrian point of view as a tiny minority in the occupation, this quantity exhibits that the placement has continually been extra advanced. Fetter was once now not an Austrian from starting to finish, yet in this subject, nobody wrote with extra conviction and explanatory strength.
The English is gorgeous, and common sense is rigorous. With this reprint, Fetter back has a voice.
410 pages, 6" x 9", paperback
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Extra info for Capital, Interest, and Rent: Essays in the Theory of Distribution
It is unnecessary and, indeed, impossible here to follow out all the details of the reasoning on these points. The author himself in his criticism of others has most satisfactorily shown that such a treatment but skims over the surface of the question. It ends in what seems little more than a mere verbal quibble. The second requirement is met no more satisfactorily. The capital or funds that are discussed are throughout looked upon as in the hands of the employing class, except where the conception is widened to include the great body of money-lenders "whose business it is to make advances to the more immediate directors of business affairs" (p.
These are the tools which aid men to think on economic subjects. A flaw in these concepts, an unsuspected ambiguity in a word or phrase, not only mars the conclusions of the student, but affects the popular judgment on the most practical questions. The circumstances and special problems of former generations have caused the grouping of unharmonized ideas under one term; and it is the business of the economist to measure, mark, and correct the concepts, to make the parts consistent with each other and the whole fitted to the needs of social discussion.
Would it be the individual, the national, or the world economy? If John builds a machine while his neighbor lets one decay, then has John created no capital? It is true that care is often needed, in speaking of any increase, to indicate whether it is a net increase or not, but no more needed in the case of a "fund of capital" than in that of a herd of cattle. The striking antithesis of the goods that make up capital with the capital itself appears thus to be over-abstraction and unreality. To sum up the objections to Clark's conception of capital:49 (1) It includes only goods used in "production," and does not recognize nor prepare to explain the interest-bearing qualities of consumption goods.
Capital, Interest, and Rent: Essays in the Theory of Distribution by Frank A. Fetter