On exchange, monetary credit transactions, barter, time preference, interest rates, and productivity
Barnett II, William
We attempt in this paper to tie together several basic insights of praxeology, and several that are not at all that basic. These include the following: that gains from exchange are subjective; that this applies to profits and interest; that credit transactions can occur under barter; that interest arises from time preference even under a pure time preference theory of interest; and that productivity can, under disequilibrium conditions, affect the various rates of interest.
Etica & Politica / Ethics & Politics
VIII (2006) 2
EUT Edizioni Università di Trieste
William Barnett II and Walter Block, "On exchange, monetary credit transactions, barter, time preference, interest rates, and productivity", in: Etica & Politica / Ethics & Politics, VIII (2006) 2, pp. 116-126.