Zwei Bücher zur socialen Geschichte Englands

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Monograph

Identifikator:: 1891000233

URN:: urn:nbn:de:zbw-retromon-260008

Document type:: Monograph

Author:: Held, Adolf http://d-nb.info/gnd/116681667

Title:: Zwei Bücher zur socialen Geschichte Englands

Place of publication:: Leipzig

Publisher:: Duncker & Humblot

Year of publication:: 1881

Scope:: XIV, 775 Seiten; 1 Portrait

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Zweites Buch. Entwicklung der Grossindustrie.

Collection:: Economics Books

272 NATURE OF CAPITAL AND INCOME [Caar. XVI is such as to produce the discount curve BE. = Then the pres- ent value of AB is FE. But the future valuations of AB may not follow the line EB as they would were the rate of interest unchanged. Thus, at a midway point of time, @, the valuation of AB may be only GD, found by means of a higher rate of interest involving the steeper discount curve DB. The history of the value of the property, namely, the right to AB, therefore follows the broken line ECDB, abruptly changing from GC to GD, if we suppose G to be B => F G Fic. 10. the point at which the rate of interest changes unexpectedly from one level to the other. Had the owner of the property foreseen at the start that when the point G' was reached the rate of interest would be higher, he would have taken this fact into account in valuing the property at the moment F, and the value would have been FE’, found by using the discount curve BDE'. This curve has a slight angle at D, being composed of the curve BD, constructed according to the high rate of interest prevailing at the time @, and the curve DE, constructed according to the lower rate of in- terest which applies to the period FG and which was em- ployed in the curve EC. The essential fact, therefore, is that because of the failure to foresee the future rise in the

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