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By Eugen von Böhm-Bawerk, William Smart

Translated with a preface and research by means of William shrewdpermanent

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For instance, if an undertaking in which a capital of £100,000 is invested yields an annual profit of £9000, and if the customary rate of interest is 5 per cent, then £5000 will be considered as profit on capital, and the remaining £4000 as undertaker's profit. 1 This discussion forms the subject of an independent problem of no little difficulty-the problem of Undertaker's Profit. The difficulties, however, which surround our special subject, the problem of interest, are so considerable that I do not feel it my duty to add to them by taking up another.

The income that flows from capital, sometimes called m German Rent of Capital, we shall simply call Interest. 1 Interest makes its appearance in many different forms. First of all, we must distinguish between Gross interest and Net interest. The expression gross interest covers a great many heterogeneous kinds of revenue, which only outwardly form a whole. It is the same thing as the gross return to the employment of capital; and this gross return usually includes, besides the true interest, such things as part replacement of the substance of capital expended, compensation for all sorts of current costs, outlay on repairs, premiums for risk, and so on.

NTROD. tion. The excess of value constitutes the Profit of capital, or, as we shall call it, Natural interest. The owner of capital, however, frequently prefers to give up the chance of obtaining this natural interest, and to hand over the temporary use of the capital to another man against a fixed compensation. This compensation bears different names in common speech. It is called Hire, and sometimes Rent (in German Miethzins and Pachtzins) when the capital handed over consists of durable or lasting goods.

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