CHAPTER XX

OBJECTIONS CONSIDERED 1§1. Introduction

Since 1907, when The Rate of Interest was published,other students of the problem of interest have publishedtheir comments, objections, and criticisms. I have takenthe opportunity to answer directly in various publica-tions 2 most of the criticisms. It would serve no usefulpurpose to reprint these individual replies in this place.Rather, in this chapter, I shall state my understandingof the criticisms of my theory and shall offer replieswhere reply seems called for. This procedure will servetwo purposes. First, it will present to the reader points ofview and approaches to the problem of interest otherthan my own. Secondly, it will provide occasion for thestatement of my position on the principal controversialproblems in the theory of interest still remaining un-settled among economists. 3

1 For historical development and detailed criticisms of interest theoriesthe reader is referred to Bohm-Bawerk , Capital and Interest. A briefhistorical resume is given in Cassel, The Nature and Necessity of In-terest, Chap. I, pp. 1-67.

“These articles are included in the general bibliography at the endof the book.

“References to the authors of the views which I am stating imper-sonally in the text will be made, where possible, in footnotes. It ishoped that this procedure will prevent the impression that I am at-tempting any exhaustive critique of the interest theory of others.

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