Monday, December 19, 2011

New Book on the Pure Time Preference Theory of Insterest

The Ludwig von Mises Institute has just released The Pure Time Preference Theory of Interest, a book edited by my friend and department chairman, Jeffrey M. Herbener. The volume is a collection of essays devoted to developing the pure time preference theory of interest. That this theory has come under recent attach from various quarters makes this book more timely and interesting than ever (double-pun intended). Included are seminal essays by Rothbard, Mises, Roger Garrison, and Frank Fetter. Herbener wrote a masterful introduction surveying the field as well.

Mises Institute President Doug French contributed the forward which you can read by clicking here. French concludes his forward by summing up the importance of this volume by noting, the link between theory and practice. "The following essays parse through the uniquely Austrian insight of the pure time-preference theory of interest, but more importantly go to the core of why modern central bank monetary engineering leaves the economy further from recovery while at the same time providing a Petri dish for speculation and malinvestment." The entire book can be accessed digitally for free as a pdf document by clicking here.

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