Economics

Capital and Interest by Eugen Von Bohm-Bawerk

By Eugen Von Bohm-Bawerk

Initially released in 1922. This quantity from the Cornell college Library's print collections used to be scanned on an APT BookScan and switched over to JPG 2000 layout through Kirtas applied sciences. All titles scanned conceal to hide and pages could comprise marks notations and different marginalia found in the unique quantity.

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Thus Locke himself looks on the interest which the borrower pays to the lender as the "fruit of another man's labour," and, while conceding that the borrowed money employed in business may produce fruit, expressly ascribes the possibility of this to the exertion of the borrower. Now when, in justifying interest, one was led to accent the influence of capital in the emergence of such profits, he was bound in the end to come to see clearly that a part of the undertaker's profit was a branch of income sui generis, not to be confounded with the produce of labour—was, in fact, a peculiar profit of capital.

79 French theory, like French legislation, held most religiously by the strictest standpoint of the canon. How little success Molinaeus had in the middle of the sixteenth century we have already seen. *96 In the seventeenth century, it is true, the French Salmasius wrote brilliantly on the side of interest, but that was outside of France. In the eighteenth century the number of writers who take this side increases. *99 But notwithstanding, there are always writers who oppose such ideas, and contend for the old strict doctrine.

What is required is simply an equality of use. Now in this respect present and future sums of money of equal amount are not of equal value, just as in bill transactions equally large sums of money are not of equal value at different places. And just as the profit of exchange (cambio), notwithstanding that it seems to be an additional sum (soprappiù), is in truth an equalisation, which, when added sometimes to the money on the spot, sometimes to the foreign money, establishes the equality of real value between the two, so is loan interest nothing else than the equalisation of the difference there is between the value of present and future sums of money (p.

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