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Modern Economic Problems

Modern Economic Problems by Frank Fetter

Tags Calculation and Knowledge

01/01/1917Frank A. Fetter

The present volume deals with various specific problems in economics.

Writes Fetter:

Truth, when at last found, is simpler than error, but often it is to be attained only by the hard road of analytic and abstract thought that follows through to the end the workings of each separate force and factor.

Fetter was the first economist to develop a complete statement of the pure time preference theory of interest, and he revolutionized the theory of rent which had been developed by David Ricardo and the classical economists and was still accepted by economists 100 years later.


Frank A. Fetter

Frank Albert Fetter was the leader in the United States of the early Austrian school of economics. Fetter is largely remembered for his views on business “monopoly” and for a unified and consistent theory of distribution that explained the relationship among capital, interest, and rent.

Born in rural Indiana, Fetter was graduated from the University of Indiana in 1891. After earning a master’s degree at Cornell University, Fetter pursued his studies abroad and received a doctorate in economics in 1894 from the University of Halle in Germany. Fetter then taught successively at Cornell, Indiana, and Stanford universities. He returned to Cornell as professor of political economy and finance (1901-1911) and terminated his academic career at Princeton University (1911-31), where he also served as chairman of the department of economics.


NY: Century, 1926

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