Front Page Titles (by Subject) Uniformity of the Rate of Interest. - The Theory of Political Economy
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Uniformity of the Rate of Interest. - William Stanley Jevons, The Theory of Political Economy 
The Theory of Political Economy (London: Macmillan, 1888) 3rd ed.
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Uniformity of the Rate of Interest.
A most important principle of this subject is, that free capital can be indifferently employed in any branch or kind of industry. Free capital, as we have just seen, consists of a suitable assortment of all kinds of food, clothing, utensils, furniture, and other articles which a community requires for its ordinary sustenance. Men and families consume much the same kind of commodities, whatever may be the branch of manufacture or trade by which they earn a living. Hence there is nothing in the nature of free capital to determine its employment to one kind of industry rather than another. The very same wages, whether we regard the money wages, or the real wages purchased with the money, will support a man whether he be a mechanic, a weaver, a coal miner, a carpenter, a mason, or any other kind of labourer.
The necessary result is, that the rate of interest for free capital will tend to and closely attain uniformity in all employments. The market for capital is like all other markets: there can be but one price for one article at one time. It is a case of the Law of Indifference (p. 90). Now the article in question is the same, so that its price must be the same. Accordingly, as is well known, the rate of interest, when freed from considerations of risk, trouble, and other interfering causes, is the same in all trades; and every trade will employ capital up to the point at which it just yields the current interest. If any manufacturer or trader employs so much capital in supporting a certain amount of labour that the return is less than in other trades, he will lose; for he might have obtained the current rate by lending it to other traders.