The Nature and Necessity of Interest.London: Macmillan and Co, 1903 Stock Code: 147760
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).
Octavo. Original brown cloth, spine lettered in gilt.
Light rubbing at extremities, a little shaken. A very good copy.
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