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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228 POLITICAL ECONOMY which would naturally bring down the rate of interest to zero. Were a people exceed ingly well-to-do so that their power to save was very great, and were they extremely provident so that their will to save was very great also, and were it a fact that such inven tions had been made that machinery became more effective and less costly ; then it might be that the marginal worth of capital in industry would be zero for such a quantity of capital as would be saved without pay ment of interest, and our theory teaches that interest would be zero if the marginal worth of capital were zero. Maybe such theoretically imaginable circumstances are never likely to be met with in this world, as I have already maintained ; but it is remarkable that the net rate of interest should be as low as it is, despite the prodigious masses of capital which industry absorbs. This fact seems to indicate that the amount of saving which takes place in the country independ ently of the inducement of interest must be gigantic. With the point proved to our satisfaction that we are all much the better off pecuniarily in consequence of the extensive use of capital, the whole of the social problem connected with the capitalising of industry has not

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