§1. Introduction

SINCE 1907, when The Rate of Interest was published, other students of the problem of interest have published their comments, objections, and criticisms. I have taken the opportunity to answer directly in various publications74 most of the criticisms. It would serve no useful purpose to reprint these individual replies in this place. Rather, in this chapter, I shall state my understanding of the criticisms of my theory and shall offer replies where reply seems called for. This procedure will serve two purposes. First, it will present to the reader points of view and approaches to the problem of interest other than my own. Secondly, it will provide occasion for the statement of my position on the principal controversial problems in the theory of interest still remaining unsettled among economists.75

Edition: current; Page: [453]