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Capital and Interest: A Critical History of Economical Theory; Böhm-Bawerk, Eugen v.
5 paragraphs found.
Book I,Ch.V

While in Germany and England there were a good many prominent writers who, for some considerable time, took an undecided attitude on the interest problem, we have only a few Colourless writers to record in the literature of France. The principal reason of this difference is that in France J. B. Say, who was one of the first to take up Adam Smith's doctrine, had already propounded a definite theory of interest, and popularised it simultaneously with Adam Smith's doctrine; while in Germany and England Adam Smith himself, and after him Ricardo, remained for a long time at the head of the general development of economic literature; and both of these, as we know, neglected the interest problem.


From French literature of that period there are, then, only three names which need be mentioned, two of them before the date of J. B. Say—Germain Garnier, Canard, and Droz.

Book II,Ch.I
The Productive Power of Capital

Book II, Chapter I



Some of the immediate successors of Adam Smith began to explain interest by the Productive Power of capital. J. B. Say led the way in 1803. A year after Lord Lauderdale followed, but independently of Say. The new explanation found acceptance. It was taken up by gradually widening circles of economists, and worked out by them with greater care; in course of which it became divided into several branches marked by considerable divergence. Although attacked in many ways, chiefly from the socialist side, the Productivity theory has managed to hold its own. Indeed, at the present time the majority of such writers as are not entirely opposed to interest, acquiesce in one or other modification of this theory.

Book II,Ch.II
The Naïve Productivity Theories

Book II, Chapter II

The founder of the Naïve Productivity theories is J. B. Say.

Book III,Ch.II
Historical Statement

Book III, Chapter II

The development of the Use theory is associated for the most part with three names. J. B. Say first suggested it; Hermann worked out the nature and essence of the Uses, and so put the theory on a firm foundation; Menger gave it the most complete form of which, in my opinion, it is capable. All the writers that come between take one or other of these as their model, and although some of them are well worthy of attention, they are of secondary importance to those just mentioned.