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XIX. INTEREST 1. The Phenomenon of Interest I has been shown that time preference is a category inherent in every human action. Time preference manifests itself in the phenomenon of originary interest, i.e., the discount of future goods as against present goods. Interest is not merely interest on capital. | XIX. INTEREST 1. The Phenomenon of Interest IT has been shown that time preference is a category inherent in every human action. Time preference manifests itself in the phenomenon of originary interest i.e. the discount of future goods as against present goods. Interest is not merely interest on capital. Interest is not the specific income derived from the utilization of capital goods. The correspondence between three factors of production labor capital and land and three classes of income wages profit and rent as taught by the classical economists is untenable. Rent is not the specific revenue from land. Rent is a general catallactic phenomenon it plays in the yield of labor and capital goods the same role it plays in the yield of land. Furthermore there is no homogeneous source of income that could be called profit in the sense in which the classical economists applied this term. Profit in the sense of entrepreneurial profit and interest are no more characteristic of capital than they are of land. The prices of consumers goods are by the interplay of the forces operation on the market apportioned to the various complementary factors cooperating in their production. As the consumers goods are present goods while the factors of production are means for the production of future goods and as present goods are valued higher than future goods of the same kind and quantity the sum thus apportioned even in the imaginary construction of the evenly rotating economy falls behind the present price of the consumers goods concerned. This difference is the originary interest. It is not specifically connected with any of the three classes of factors of production which the classical economists distinguished. Entrepreneurial profit and loss are produced by changes in the data and the resulting price changes which occur in the passing of the period of production. Naive reasoning does not see any problem in the current revenue derived from hunting fishing cattle breeding forestry .
