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133622 133622_1 133622_2 133622_3
FISHER, Irving.

The Rate of Interest....

Its nature, determination and relation to economic phenomena.

Availability: In stock

Published: New York The Macmillan Company, 1907

Stock Code: 133622

OR On display in 100 Fulham Road


First edition, first printing. With a superb double economics provenance - firstly the copy of Hugh Dalton (1887-1962, the British Chancellor of the Exchequer from 1945 to 1947, with his ownership signature dated October 1909 to the front pastedown; secondly the copy of the LSE economist Lionel Robbins (1898-1984), with his pencilled ownership signature to the front free endpaper dated '39, and with his triumphant inscription "I offered Dalton 2 for this when we shared a room, but he refused. When he disposed of his books I picked it up for 10/- in Fleet St". Dalton and Robbins easily rank among the most significant figures in British economics in the middle of the twentieth century: Dalton as Chancellor oversaw the major economic reforms of Clement Attlee's government, while at the LSE, Robbins "dominated the economics department for thirty years and built it up to its pre-eminent position in British economics" (ODNB). Robbins studied under Dalton at the LSE in the early 1920s, and Robbins treats him generously in his autobiography, despite their ideological differences. Robbins's biographer O'Brien notes Dalton's influence: "perhaps the most important single personal influence on Robbins in his early years at LSE was, however, Hugh Dalton. It was Dalton who found him a job as a research assistant and it was Dalton who went to Oxford to invite him back to a lectureship at LSE" (O'Brien, Lionel Robbins, p. 9). Robbins does not record in his autobiography that he and Dalton shared rooms, although he notes that "he stayed with me once at Oxford where he gave me the impression of being a profoundly unhappy man" (Robbins, Autobiography of an Economist, p. 121); this was perhaps the time when he offered to buy the book.
The Rate of Interest is Fisher's third and most elusive work. "His generous acknowledgement of the priorities of Rae and Böhm-Bawerk did not allow the powerful originality of his own performance to stand out as it should. The 'impatience' theory of interest is but an element of it. Much better would its nature have been rendered by some such title as: Another Theory of the Capitalist Process. Among the many novelties of detail, the introduction of the concept of marginal efficiency of capital (he called it marginal rate of return over cost) deserved particular notice" (Schumpeter p. 872). It was reworked and republished in 1930 as The Theory of Interest. Robbins's offer for the book is noteworthy - 2 at the time would have been a very significant sum for such a recent economics book, and indicates the influence of Fisher's thought.

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Octavo. Original green cloth, spine lettered in gilt.


Many tables in the text.


Spine sunned, light wear at extremities. A good copy.


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