Economic Principles by Frank A. Fetter

Author:Frank A. Fetter
Language: eng
Format: mobi, epub, pdf
ISBN: 9781610162692
Published: 2013-09-22T16:00:00+00:00

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[1] The value of a slave may be capital. A man, in our times, may not legally sell himself into slavery. Therefore, free men, in any full sense, are not capital, and it is misleading to speak of them as such, or to estimate their capital value as is sometimes done. But to a limited extent, carefully guarded by law, a man may borrow and pledge his future earning power, and thus capitalize it.

[2] Of course there are other reasons why the trade may be made, such as the better means that A has for feeding calves, the special use B has for fat steers, etc. Attention is limited here to the time-price problem, in cases where the prices and costs are the same to both parties.

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