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Capital and Interest in the Austrian Tradition, Part 3 of 3

  • The Bob Murphy Show
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Tags Capital and Interest TheoryMoney and Banking

05/07/2019Robert P. Murphy

Bob finishes his three-part series by first reviewing the contributions of Böhm-Bawerk, Fetter, and Mises to the modern Austrian explanation of interest, namely the “pure time preference theory” (PTPT). Then Bob explains some of the problems for the PTPT, especially for Austrian economists. Instead, Murphy offers a much more straightforward—and Austrian!—approach, which explains interest as the premium placed on present versus future units of money.

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