The Pure Time-Preference Theory of Interest by Jeffrey M. Herbener

Author:Jeffrey M. Herbener
Language: eng
Format: epub
Publisher: Ludwig von Mises Institute

Concluding Remarks

I have attempted to criticize Moss's paper from a Misesian perspective. I would have given him a higher mark had he more fully presented Mises's position that a positive rate of interest will emerge even in a pure exchange economy, related it to Mises's general theoretical framework, and evaluated Mises's arguments in the context of that framework. But instead, Moss couched Mises's position in neoclassical terms, spelled out the conditions under which neoclassical theory would support this position, and then criticized Mises for not recognizing these conditions. Because of this approach Moss's paper helps us very little in understanding Mises's theory of interest as applied to a pure exchange economy. It does, however, help us to understand why neoclassical theorists are characteristically baffled by the Misesian theory of interest.

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