Neglected Factors in the Problem of Normal Interest

F. H. Knight

The Quarterly Journal of Economics, 1916, vol. 30, issue 2, 279-310

Abstract: I. The nature of capital. Capital defined pragmatically as that for which interest is paid, 280. — Relation to entrepreneur function, 281. — Capital is value, 282. Relation to "rent," 283. — II. The supply of capital, 284. — "Discounting the future" an erroneous explanation, 285. — Motives looking beyond the individual life, 286. — Value often produced specifically for capital use, in order to secure social position and power, 288. — The supply curve of capital, 291. — III. The demand for capital, 292. — There is "specific productivity," 293. — In what sense, 294. — Convertibility of capital into rent-bearers, 295. — Summarized proposition, 298. — IV. The equilibrium of supply and demand, 299. — The conventional equilibrium of supply and demand refers to a unit of time only, 300. — Its application to capital unsound, 301. — Two separate problems, 303. — At a particular moment, no equilibrium, but an equilibrating action, 304. — The long period trend represented in three dimensions, 306. — In what sense the reasoning rests on "static" assumptions, 307. — A normal equilibrium of supply and demand and a normal rate of interest are wholly hypothetical, 309.

Date: 1916
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.2307/1884996 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:qjecon:v:30:y:1916:i:2:p:279-310.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

More articles in The Quarterly Journal of Economics from President and Fellows of Harvard College
Bibliographic data for series maintained by Oxford University Press ().