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Theoretical Development and the Time Preference Theory

In: The Causes and Consequences of Interest Theory

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  • Cem Eyerci

    (Central Bank of the Republic of Turkey)

Abstract

This chapter summarizes the theoretical development in the concept of interest and the essential assertions of the prominent interest theories developed on various conceptions such as productivity, abstinence, labor, exploitation, impatience, lendable funds, liquidity preference, and time preference. It introduces Böhm-Bawerk’s time preference theory of interest in detail by presenting his reason for developing a theory distinct from the existing ones. The significance of Böhm-Bawerk is not only for being considered as the founder of the modern theory of interest. His approach of dealing with the issue by making a distinction between the positive and normative aspects of the problem seems to be crucial in performing a scientific study and preventing the mistakes made in the former interest theories. The chapter also reviews the critiques of Böhm-Bawerk’s theory made by various scholars and the works that are testing the validity of the theory in the current economic system.

Suggested Citation

  • Cem Eyerci, 2021. "Theoretical Development and the Time Preference Theory," Springer Books, in: The Causes and Consequences of Interest Theory, chapter 0, pages 31-53, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-78702-8_3
    DOI: 10.1007/978-3-030-78702-8_3
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