WICKSELL ON WALRAS’S EARLY TREATMENT OF CAPITAL AND INTEREST

2018 ◽  
Vol 40 (1) ◽  
pp. 41-56 ◽  
Author(s):  
Andrea Imperia ◽  
Vincenzo Maffeo ◽  
Fabio Ravagnani
Keyword(s):  
Nineteenth Century ◽  
Interest Rate ◽  
Production Process ◽  
Early Treatment ◽  
Social Production ◽  
Small Circle ◽  
The Social ◽  
The Interest Rate

In this paper we examine the criticism that Knut Wicksell advanced against Léon Walras’s treatment of capital and interest at the end of the nineteenth century, as well as the views of two distinguished followers of Walras concerning the points raised by the Swedish economist. As regards the first aspect, it should be noted that the criticism put forward by Wicksell at that time refers to the earlier editions of the Éléments, in which circulating capital is excluded from the analysis. We thus endeavor to clarify Wicksell’s remarks on the consequences of that exclusion for both the representation of the social production process and the determination of the interest rate. As to the second aspect, our discussion indicates that the appropriate way of treating the capitalistic element of production was an unsettled issue within the small circle of Walras’s followers at the end of the nineteenth century.

scholarly journals Journal of the History of Economic Thought Preprints - Wicksell on Walras's early treatment of capital and interest

2017 ◽  
Author(s):  
Vincenzo Maffeo ◽  
Fabio Ravagnani ◽  
Andrea Imperia
Keyword(s):  
Nineteenth Century ◽  
Interest Rate ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Social Production ◽  
Small Circle ◽  
The Social ◽  
History Of ◽  
The Interest Rate

In this paper we examine the criticism that Knut Wicksell advanced against Walras’s treatment of capital and interest at the end of the nineteenth century, as well as the views of two distinguished followers of Walras concerning the points raised by the Swedish economist. As regards the first aspect, it should be noted that the criticism put forward by Wicksell at that time refers to the earlier editions of the Éléments, in which circulating capital is excluded from the analysis. We thus endeavour to clarify Wicksell’s remarks on the consequences of that exclusion for both the representation of the social production process and the determination of the interest rate. As to the second aspect, our discussion indicates that the appropriate way of treating the capitalistic element of production was an unsettled issue within the small circle of Walras’s followers at the end of the nineteenth century.

Two Classics: Böhm-Bawerk's Positive Theory and Fisher's Rate of Interest Through Modern Prisms

1994 ◽  
Vol 16 (2) ◽  
pp. 202-228 ◽  
Author(s):  
Paul A. Samuelson
Keyword(s):  
Interest Rate ◽  
Time Preference ◽  
Positive Theory ◽  
Interest Theory ◽  
Net Productivity ◽  
The Interest Rate

Positive Theory of Capital (1889) is a classic which contains Eugen von Böhm-Bawerk's 1889 correct vision of how the interest rate might be determined by the interplay of systematic time preference (“impatience”) and time-phased technology's productivity. But he was not quite able to formulate his intuitive vision in terms that would satisfy today's persnickety jury of theorists. And indeed the classic Rate of Interest (1907) by his younger contemporary, Irving Fisher, seemed to be disagreeing with Böhm-Bawerk's treatment of time's net productivity; but, as Fisher was unable to make clear until 1930, he was objecting only to Böhm-Bawerk's formulation of the role of productivity in interest determination. In point of fact, Fisher, who was so long identified (wrongly, but understandably) as an “impatience theorist,” considered his own main contribution to interest theory to be his clarification of how the technological superiority of time-consuming processes cooperated in the determination of the equilibrium interest rate.

scholarly journals Pengaruh diferensiasi produk terhadap volume penjualan pada home industri “Jenang Mirah” Josari Ponorogo

2017 ◽  
Vol 5 (1) ◽  
pp. 81
Author(s):  
Pega Saputra
Keyword(s):  
Interest Rate ◽  
Time Series Data ◽  
Alternative Hypothesis ◽  
Linear Regression Analysis ◽  
Coefficient Of Determination ◽  
Series Data ◽  
Simple Linear Regression ◽  
The Interest Rate ◽  
Descriptive Method

<p><em>This study describes the influence of SBI interest rate on the rupiah at Bank Indonesia studies. The method in this research is descriptive method with quantitative approach. Determination of the sample is based on time series data 2009-2015 period by using saturation sampling methods as many as 84 samples. This research was conducted at Bank Indonesia has the sole purpose of achieving and maintaining stability in the rupiah. This study uses simple linear regression analysis which includes the classical assumption and hypothesis testing in the form of the coefficient of determination (r</em><em>2</em><em>) and the partial test (t test). The results showed that the interest rate significantly influence the exchange rate. that the null hypothesis is rejected and the alternative hypothesis is accepted.</em></p>

Three Ways to Determine the Discount Rate

2012 ◽  
Author(s):  
Christian Gollier
Keyword(s):  
Interest Rate ◽  
Time Preferences ◽  
Classical Economics ◽  
Investment Opportunities ◽  
The Interest Rate ◽  
Period Model ◽  
Consumption Saving ◽  
Competitive Economy

This chapter presents the simple two-period model that is used in classical economics textbooks to examine the problem of consumption, saving, and investment in a competitive economy. This model is a reminder of the key role of the interest rate for the determination of economic growth. Its equilibrium level balances the demand and the supply of liquidity, which are themselves characterized by time preferences and investment opportunities. From a simple arbitrage argument, any new investment opportunity in the economy should be evaluated by using the interest rate as the rate at which the future benefits of the project should be discounted.

scholarly journals Determination or determinants? A debate based on the Theory on the Social Production of Health

2015 ◽  
Vol 49 (1) ◽  
pp. 129-135 ◽  
Author(s):  
Patrícia Rodrigues da Rocha ◽  
Helena Maria Scherlowski Leal David
Keyword(s):  
Social Determinants Of Health ◽  
Social Determinants ◽  
Determinants Of Health ◽  
Health Policies ◽  
Comparative Approach ◽  
Social Production ◽  
The Social ◽  
Social Determination Of Health

This article aims to discuss the concepts of Social Determination of Health and Social Determinants of Health, by establishing a comparison between each of their guiding perspectives and investigating their implications on the development of health policies and health actions. We propose a historical and conceptual reflection, highlighting the Theory on the Social Production of Health, followed by a debate on the concepts, with a comparative approach among them.

A British sea: making sense of global space in the late nineteenth century

2010 ◽  
Vol 5 (3) ◽  
pp. 423-446 ◽  
Author(s):  
Tamson Pietsch
Keyword(s):  
Nineteenth Century ◽  
Late Nineteenth Century ◽  
Social Production ◽  
Close Attention ◽  
Production Of Space ◽  
British Identity ◽  
Making Sense ◽  
Global Space ◽  
The Social ◽  
Late Nineteenth

AbstractIt is the contention of this article that historians of the nineteenth century need to think about notions of empire, nation, and race in the context of the social production of space. More specifically, it posits that the moving space of the steamship functioned as a particularly important site in which travellers reworked ideas about themselves and their worlds. Supporting this contention the article pays close attention to the journeys of J. T. Wilson, a young Scottish medical student who between 1884 and 1887 made three voyages to China and one to Australia. For it was in the space of the ship, literally moving along the routes of global trade, that Wilson forged a particular kind of British identity that collapsed the spaces of empire, elided differences among Britons and extended the boundaries of the British nation.

scholarly journals Pengaruh tingkat suku bunga SBI terhadap nilai tukar rupiah studi pada Bank Indonesia

2017 ◽  
Vol 5 (1) ◽  
pp. 70
Author(s):  
Melinda Puspita Ayu Kirana
Keyword(s):  
Interest Rate ◽  
Time Series Data ◽  
Alternative Hypothesis ◽  
Linear Regression Analysis ◽  
T Test ◽  
Coefficient Of Determination ◽  
Series Data ◽  
The Interest Rate ◽  
Descriptive Method

<p><em>This study describes the influence of SBI interest rate on the rupiah at Bank Indonesia studies. The method in this research is descriptive method with quantitative approach. Determination of the sample is based on time series data 2009-2015 period by using saturation sampling methods as many as 84 samples. This research was conducted at Bank Indonesia has the sole purpose of achieving and maintaining stability in the rupiah. This study uses simple linear regression analysis which includes the classical assumption and hypothesis testing in the form of the coefficient of determination (r</em><em>2</em><em>) and the partial test (t test). The results showed that the interest rate significantly influence the exchange rate. This is shown by the results of the t test T_hitung amounted to 9.745, while T_ (table) amounted to</em></p><p><em>1,989. This means T_ (count) <span style="text-decoration: underline;">&gt;</span> T_tabel (9.745 <span style="text-decoration: underline;">&gt;</span> 1.989) it can be concluded that the null hypothesis is rejected and the alternative hypothesis is accepted.</em></p>

scholarly journals La deuda de intereses en el derecho de la navegación marítima y aérea. / Interest debt in the law of maritime and air navigation

2021 ◽  
Vol 7 (7) ◽  
pp. 49-61
Author(s):  
Domingo Jerónimo Viale Lescano ◽  
Guillermo Ford Ferrer
Keyword(s):  
Interest Rate ◽  
Legal System ◽  
Commercial Code ◽  
The Law ◽  
Atypical Feature ◽  
The Interest Rate ◽  
National Flag ◽  
Special Arrangement

En la primera parte: la ley de la navegación (20.094), nos referimos a los intereses del crédito naval, comenzando por el orden de los privilegios en el crédito naval, analizando los privilegios marítimos y la ley de concursos, así como los privilegios marítimos y el código civil y comercial. Luego señalamos que, como un rasgo atípico de los privilegios navales, comparados con el resto de los establecidos en el ordenamiento jurídico argentino, los intereses debidos por un (1) año gozan del mismo grado de privilegio que el capital (art. 474). Revisamos los privilegios sobre el buque, y destacamos cuáles son los créditos privilegiados. Pasamos luego revista a los intereses en la hipoteca naval, estudiando el contenido del instrumento de constitución de hipoteca. a continuación, nos detenemos en la determinación de la tasa de interés, para seguir con el embargo de buques, analizando lo que se refiere al buque con bandera nacional, donde señalamos que el embargo abarcará el importe de los intereses y la fianza. Tratamos luego el concurso especial de acreedores sobre un buque. En la segunda parte nos referimos al código aeronáutico, comenzando por la hipoteca aeronáutica, y siguiendo por los intereses, conforme al art. 767 del CCCN. ABSTRACT: In the first part: the law of navigation (20.094), we refer to the interests of the naval credit, starting with the order of privileges in the naval credit, analyzing the maritime privileges and the law of competitions, as well as maritime liens and the civil and commercial code. We then point out that, as an atypical feature of naval privileges, compared with the rest of those established in the argentine legal system, the interests due for one (1) year enjoy the same degree of privilege as capital (art. 474). We review the privileges on the ship, and highlight which are the privileged credits. we then review the interests in the naval mortgage, studying the content of the instrument of constitution of mortgage. Then we stop in the determination of the interest rate, to continue with the arrest of ships, analyzing what refers to the ship with national flag, where we point out that the arrest will cover the amount of the interest and the bond. We then discussed the special arrangement of creditors on a ship. In the second part we refer to the aeronautical code, starting with the aeronautical mortgage, and continuing with the interests, according to art. 767 of the CCCN.

scholarly journals Legal construction of interest rate determination in information technology-based lending services in Indonesia

2021 ◽  
Vol 5 (S4) ◽  
Author(s):  
Engrina Fauzi ◽  
Busyra Azheri ◽  
M. Hasbi ◽  
Nani Mulyati
Keyword(s):  
Information Technology ◽  
Interest Rate ◽  
Interest Rates ◽  
Inflation Targeting ◽  
Inflation Rate ◽  
Code Of Conduct ◽  
Not Given ◽  
Loan Interest Rates ◽  
The Interest Rate

There is a legal vacuum regarding determining loan interest rates in Article 17 paragraph (1) POJK No. 77/01/2016 concerning Information Technology-Based Lending and Borrowing Services (ITBLBS). With this legal vacuum, O.J.K. has given the authority to AFPI to self-regulate the determination of loan interest rates at ITBLBS. With authority as an S.R.O. ( Self Regulating Organization ) institution owned by the Indonesian Joint Funding Fintech Association (IJFFA). The method used is normative legal research by analyzing primary, secondary, and tertiary legal materials related to the research title. The interest rate in the code of conduct that IFFFA determines as the principle of operation in ITBLBS directly affects the inflation rate. However, Bank Indonesia, as the institution authorized and responsible for targeting inflation in terms of controlling interest rates circulating in the fintech market, is not given any authority based on Article 17 POJK N0. 77 of 2016. This is in contrast to the inflation targeting objective, which is the authority of B.I. It can be concluded that the determination of interest rates in the existing ITBLBS is normatively out of sync between the objectives of the legislation and the objectives of the IJFFA code of conduct.

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