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| 401 | THE “IMPATIENCE THEORY„ OF INTEREST |
We see, therefore, that the rate of interest is of almost universal application and importance in economic relations. It concerns not only the phenomena of borrowing and lending but of buying and selling. It enters implicitly into prices. It affects distribution. It cannot be abolished by law nor by any other means unless human impatience be abolished.
New Haven (Connecticut, U. 8. A.), Yale University.
Irving Fisher
