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- Title
THE RATIONALE OF ORIGINARY INTEREST.
- Authors
BRAUN, EDUARD
- Abstract
Judging from the tenor of some recent publications, time preference is still not generally accepted as the cause of originary interest. Up to the present day, the theory has not been formulated in a way to rest its case beyond doubt. In this paper it is argued that the time preference theory is deterministic and therefore incompatible with freedom of choice. The reason for originary interest must not be looked for in preferences, but in the logic of action itself. Based on the critique uttered in the earlier chapters, a positive and truly praxeological theory of originary interest is developed. The reason for originary interest has to be looked for in the value-spread between the psychic costs and the psychic revenues of actual human actions, not in contingent preferences.
- Subjects
INTEREST (Finance); PRAXEOLOGY; CONSUMER preferences; CHOICE (Psychology); LOGIC
- Publication
New Perspectives on Political Economy, 2011, Vol 7, Issue 2, p177
- ISSN
1804-6290
- Publication type
Article