Capital, Interest, and Profits

Capital, Interest, and Profits

Capital, Interest, and Profits

Capital, Interest, and Profits

Excerpt

Like many teachers of Economics I have been uneasy for many years about the marginal productivity theory of distribution and the time-preference theory of interest. In this book I set out my reasons for rejecting these theories on both logical and empirical grounds. In their place I have attempted in Part I an eclectic theory of interest which has a place both for investors' expectations and the policy decisions of the monetary and fiscal authorities. The theory necessitates the distinction, not always clear in the literature, as among interest, profits and the returns to stock.

Since I wished in Part I to avoid digressions which, however interesting, might interrupt or distort the development of my main thesis, I have devoted Part II to the elaboration, illustration or application of points made briefly or in passing in Part I. The chapters of Part II thus derive their relevance from the first part.

B. S. KEIRSTEAD

Fredericton, August 1958 . . .

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