CASSEL, Gustav.

£250 · Offered by Peter Harrington · No longer available

The Nature and Necessity of Interest. First edition, first impression, of one a few works by the Swedish economist which were first published in English. "Although his theory of interest, showing a close resemblance to that of Senior, was not original, it still merits our attention, because of its vivid illustrations and some striking applications. This is particularly the case for Cassel's argument against the idea of a continually falling rate of interest. Given that most saving is made in order to safeguard a permanent future level of income, the shortness of life puts a ceiling under the rate of interest. This was the necessary and sufficient condition for the necessity of interest" (The New Palgrave).

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