This work is an important update and reworking of Fisher's "The Rate of Interest," first published in 1907. Very fundamental changes in the nature of the world economy, principally World War I, war financing, the sensational inflation of the currencies of the combatants, and the remarkable developments in new scientific, industrial and agricultural methods had occurred; all requiring integration into a new theory. Fisher called interest "an index of a community's preference for a dollar of present [income] over a dollar of future income." He labeled his theory of interest the "impatience and opportunity" theory. Interest rates, Fisher postulated, result from the interaction of two forces: the "time preference" people have for capital now, and the investment opportunity principle (that income invested now will yield greater income in the future).

Theory of Interest

FISHER, Irving

Business & Money

Augustus M. Kelley Pubs

Labour Defended Against the Claims of Capital

Hodgskin's sympathy for the working classes through his involvement in the struggle for repeal of the Combination Acts led to the publication, in defense of trade union activity, of this attack on profit as a violation of the natural laws of value and distribution.

Hodgskin, Thomas

Economics

Thorstein Veblen and His America

Dorfman, Joseph

Combining a mastery of formal logic with erudition in economics, the father of John Maynard Keynes produced perhaps the best statement of the logical character of classical economics ever made. It not only reviews the famous nineteenth-century Methodenstreit between Menger and Schmoller, but "faithfully reflects the conciliatory methodological attitude of the leading neoclassical writers ... [it remains] the starting point for reading in methodology" (M. Blaug Economic Theory in Retrospect).

Scope and Method of Political Economy

Keynes, John Neville

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Purchasing Power of Money

The works of Turgot and Quesnay stand as the first scientific expositions of political economy. Turgot's most important economic work, published nine years before the Wealth of Nations, contains a similar, though skeletal structure to Adam Smith's but goes beyond Smith in its analysis of the relation between profit and interest and its clear statement of the law of diminishing returns in agriculture. In addition, Turgot's analysis of the market mechanism, reminiscent of Bohm-Bawerk and Menger, is considered to have anticipated theoretical advancements after the marginal revolution, and his interest and capital theory to have "clearly foreshadowed much of the best thought in the last decades of the nineteenth century" (J.A. Schumpeter History of Economic Analysis). "A remarkable book ... some modern commentators have praised him as superior to [Adam Smith]." M. Blaug Great Economists Before Keynes

Reflections on the Formation

Turgot

Imperialism and Social Classes

Politics & Social Sciences

Schumpeter, Joseph Aloïs

Social Sciences

This set of lecture notes prepared at Iowa University in the early 1920's, presents Knight's integrated approach to the economy as a social organization. Of particular note are a circular flow model of the economy, a revised statement of the law of variable proportions and an emphasis on the equalization of returns at the margin. "It contains the elements of theory that helped to establish for Chicago its eminence in neoclassical economics." International Encyclopedia of the Social Sciences. "Took on the status of a minor classic ... Some ... features ... have become standard ingredients of virtually every introductory textbook." M. Blaug Great Economists Before Keynes

Economic Organization

Knight, Frank

Burns was a leading American expert on business cycles, one of the keenest American critics of Keynes and Chairman of the Board of Governors of the Federal Reserve System. His first major research project remains an outstanding contribution to the economic measurement of increase of production based on painstaking examination of growth rates in individual industries decade by decade since 1870, noting the nearly universal tendency toward retardation. "Despite the tendency ... Burns noted ... growth of new industries would itself help to maintain rapid growth in total output." The New Palgrave

Production Trends in the United States Since 1870

Burns, Arthur F.

A student and collaborator of John R. Commons, Perlman presented in this work perhaps the best-known and most controversial theory of trade unionism. Drawing upon the historical generalizations of Max Weber and Werner Sombart, Perlman sought to identify those conditions under which a labor union develops as well as the specific rational and historical factors that shape its development. He carefully defined the confines of worker group loyalty, pointing out the absence of "class" loyalty in the American context. The "manual workers" lack of faith in their ability to survive in the factor market, and thus their willingness to trade purported freedom of contract for a share of the collective voice controlling job ownership, provides the key to Perlman's theory of unionism. "His most important work." The New Palgrave

A Theory of the Labor Movement

Perlman, Selig

Business Culture

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