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The Marginal Productivity Versus the Impatience Theory of Interest

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  • Harry G. Brown

Abstract

1. The marginal productivity theory, 630. — Complete analysis required, 632.—The impatience theory, 633.— Position here taken, 634.— 2. Marginal productivity of waiting keeps interest rate up by acting on demand for present goods, 635. — Action is direct and not merely through effect on impatience, 636. — Comparison emphasized is not between present and future goods, but between greater and less amount of future, 637. — Fisher's criticism of Böhm-Bawerk criticized, 638. — 3. Marginal productivity of waiting keeps interest rate up by acting on the supply of present goods, 640. — Increased marginal productivity of waiting means higher interest, 642. — Basis of capital valuation, 644. — Distinction between land and made capital, 644. — Rate of interest and rate of impatience in part joint effects of rate of productivity of waiting, 645. — 4. Marginal productivity of waiting by acting both on demand for and supply of present goods, keeps the rate of interest from exceeding this rate of productivity, 646. — As rates of impatience and interest are both influenced by productivity of waiting, so rates of interest and marginal productivity are both influenced by impatience, 648. — 5. Recapitulation, 649.

Suggested Citation

  • Harry G. Brown, 1913. "The Marginal Productivity Versus the Impatience Theory of Interest," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 27(4), pages 630-650.
    • Handle: RePEc:oup:qjecon:v:27:y:1913:i:4:p:630-650.
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    Cited by:

    1. Pavel Potužák, 2016. "Fisher and Mises on Zero Interest: A Reconsideration," Prague Economic Papers, Prague University of Economics and Business, vol. 2016(2), pages 203-220.
    2. Pavel Potužák, 2016. "Může být přirozená úroková míra nulová? Neoklasický přístup [Can the Natural Rate of Interest Be Zero? A Neoclassical Approach]," Politická ekonomie, Prague University of Economics and Business, vol. 2016(1), pages 83-108.

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