Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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WAGES, PROFITS AND INTEREST 179 who, with their existing tastes, cannot reconcile to themselves the full spending of their incomes, must not be overlooked. Evidently there would be a certain amount of capital available in a community even if no interest were paid, since some saving is independent of the incentive of gain. Indeed some capital would exist were interest nega tive ; for instance if, instead of interest being paid, the possession of capital were taxed. This would be so because, the discouragement to providence notwithstanding, no prudent man would dream of instantly spending to the last farthing everything as he earned it. Despite these considerations, however, it is pretty certain that in every Western com munity a rise in the rate of interest swells the sums annually withheld from expenditure on consumers’ goods. The rate of saving for some purposes is left untouched by an advance in the rate of interest ; saving for other purposes, for instance the procuring of a fixed income to retire on, is checked ; but saving with yet other objects in view is stimulated, and the influence determining this saving would almost certainly prove much stronger than the influence determining the second class of saving. So capital, we may declare, has a supply

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