The Online Library of Liberty

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• Murray N. Rothbard, Preface
• Murray N. Rothbard, Introduction
• Part 1: The Theory of Capital
• Review of F. W. Taussig, Wages and Capital: an Examination of the Wages Fund Doctrine (1897)
• Recent Discussion of the Capital Concept (1900)
• The Next Decade of Economic Theory (1901)
• Review of Böhm-bawerk, Capital Und Capitalzins (1901)
• Review of Böhm-bawerk, Einige Strittige Fragen Der Capitalstheorie (1902)
• Review of Böhm-bawerk, Positive Theorie Des Capitals (1902)
• The Nature of Capital and Income (1907)
• Are Savings Income? —discussion (1908)
• Clark's Reformulation of the Capital Concept (1927)
• Capital (1930-35)
• Reformulation of the Concepts of Capital and Income In Economics and Accounting (1937)
• Part 2:: The Theory of Interest
• The “roundabout Process” In the Interest Theory (1902)
• The Relations Between Rent and Interest (1904)
• Review of Gustav Cassel, the Nature and Necessity of Interest, and Eugen Von Böhm-bawerk,recent Literature On Interest (1905)
• Interest Theories, Old and New (1914)
• Capitalization Versus Productivity: Rejoinder (1914)
• Interest Theory and Price Movements (1927)
• Part 3:: The Theory of Rent
• The Passing of the Old Rent Concept (1901)
• Landed Property As an Economic Concept and As a Field For Research— Discussion (1917)
• Comment On Rent Under Increasing Returns (1930)
• Rent (1930-35)

PREFACE

I was first apprised of Frank A. Fetter's contributions to the theory of distribution by the references in Ludwig von Mises's Human Action (1st ed., New Haven: Yale University Press, 1949; 3d ed., Chicago: Henry Regnery, 1966). Then, while reading Fetter's oeuvre in the course of writing my Man, Economy, and State (2 vols., Princeton, N.J.: D. Van Nostrand, 1962, reprinted., Los Angeles: Nash Publishing Co., 1970), I was struck by the brilliance and consistency of his integrated theory of distribution and by the neglect of Fetter in current histories of economic thought, even by those that are Austrian oriented. For Fetter's systematic theory, while challenging and original (particularly his theories of interest and rent), was emphatically in the Austrian school tradition.

The present volume includes all of the essays in which Fetter developed and presented his theory of distribution; the only important writings excluded are his two treatises: The Principles of Economics (New York: The Century Co., 1910) and Economic Principles (New York: The Century Co., 1915).

I am indebted to Professor Emeritus Joseph Dorfman of Columbia University for examining my introduction and the collection of essays with his usual thoroughness and for making many valuable suggestions. The editor of this series, Professor Laurence S. Moss of the University of Virginia, also made many helpful suggestions. Neither is responsible for any errors that may remain.

I would like to thank the American Accounting Association, publishers of the Accounting Review; the editors of the Quarterly Journal of Economics; the Academy of Political Science, publishers of the Political Science Quarterly; the University of Chicago Press, publishers of the Journal of Political Economy; and Macmillan Publishing Company for permission to reprint the articles in this volume.

Murray N. Rothbard

• New York, N.Y.

March, 1976