The Nature of Interest and the Causes of Its Fluctuations
A. F. McGoun
The Quarterly Journal of Economics, 1917, vol. 31, issue 4, 547-570
Abstract:
I. Capital defined as wealth produced by labor and destined to satisfy wants in the future, 547. — The possibility of interest due to the fact that capital saves labor, 550. — Concrete illustration of the saving, 551. — II. Illustration of the circumstances which may affect the rate of interest under hypothetical conditions, the main conclusions of the present essay being suggested. — Capital quantitatively expressed in terms of labor multiplied by the time intervening between labor and enjoyment, 553. — III. Circumstances affecting the demand for capital: (a) The opening of new lands, 557. — (b) Inventions, 560. — Under certain conditions the ultimate effect of these circumstances is opposite to their immediate effect, 561. — (c) Variations in the aggregate consumption of society, 563. — Effect of such variations on the supply of capital, 564. — Supply of capital also affected by the quantity of labor expended, 567; which for a given population depends on the amount of leisure enjoyed and on the efficiency of labor, 568. — Conclusion on ultimate causes permanently affecting the rate of interest. — Why capital has always been able to earn interest, 569.
Date: 1917
References: Add references at CitEc
Citations:
Downloads: (external link)
http://hdl.handle.net/10.2307/1884035 (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:31:y:1917:i:4:p:547-570.
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 ().