Capital, Interest, and Waiting

Leland B. Yeager (1924–2018) was Ludwig von Mises Distinguished Professor Emeritus of Economics at Auburn University and Paul Goodloe McIntire Professor of Economics Emeritus at the University of Virginia. He was former president of the Southern Economic Association, the Atlantic Economic Society, the Interlingua Institute, and the Consilio of Union Mundial pro Interlingua. A distinguished American economist and polymath, Yeager is known best for his significant contributions to the fields of monetary theory, international trade, and political economy as well as his mastery of many languages, including a three-year stint as a Japanese cryptanalytic translator for the US army during WWII.Steve H. Hanke is Professor of Applied Economics and Founder and Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. Hanke was also a member of the faculties at the Colorado School of Mines and the University of California, Berkeley. He served on President Reagan’s Council of Economic Advisers and as an adviser to five foreign heads of state and five foreign cabinet ministers. Hanke holds eight honorary doctorate degrees and is an honorary professor at four foreign institutions. He was President of Toronto Trust Argentina in Buenos Aires, the world’s best-performing emerging market mutual fund in 1995. Hanke is known as the “Money Doctor” for his work as the architect of numerous currency reforms.

• Chapter 1: Introduction.- Chapter 2: Waiting as a Factor and Interest as Its Price.- Chapter 3: Capital Goods, Intermediate Goods, and Land.- Chapter 4: Advantages of the Recommended View of Waiting.- Chapter 5: Responses to the Interest Rate.- Chapter 6: Time Preference and the Productivity of Roundaboutness.- Chapter 7: Measures of Roundaboutness.- Chapter 8: Changes in Wants, Resources, and Technology.- Chapter 9: The Yield Curve.- Chapter 10: Money and Interest.- Chapter 11: Monetary Policy.- Chapter 12: Conclusion.