Prague Economic Papers 2016, 25(2):203-220 | DOI: 10.18267/j.pep.555

Fisher and Mises on Zero Interest: A Reconsideration

Pavel Potužák
Department of Economics, University of Economics Prague, Czech Republic (pavel.potuzak@vse.cz).

This article demonstrates that the pure time-preference theory of Ludwig von Mises is inconsistent. A productivity element is studied in the Fisher model, and it is shown that time preference is neither a necessary nor a sufficient condition for the existence of interest. An attempt is also made to reconcile the Austrian theory with the neoclassical theory of interest. It is suggested that the key difference lies in the definition of interest as such, and it is concluded that the Austrian theory is only a special case of a more general neoclassical framework.

Klíčová slova: zero lower bound, time-preference theory, theory of interest, productivity of capital, Mises, Fisher
JEL classification: B25, B53, E43

Zveřejněno: 1. leden 2016  Zobrazit citaci

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Potužák, P. (2016). Fisher and Mises on Zero Interest: A Reconsideration. Prague Economic Papers, 25(2), 203-220. doi: 10.18267/j.pep.555
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