I. Capital defined as wealth produced by labor and destined to satisfy wants in the future, 547. — The possibility of interest due to the fact that capital saves labor, 550. — Concrete illustration of the saving, 551. — II. Illustration of the circumstances which may affect the rate of interest under hypothetical conditions, the main conclusions of the present essay being suggested. — Capital quantitatively expressed in terms of labor multiplied by the time intervening between labor and enjoyment, 553. — III. Circumstances affecting the demand for capital: (a) The opening of new lands, 557. — (b) Inventions, 560. — Under certain conditions the ultimate effect of these circumstances is opposite to their immediate effect, 561. — (c) Variations in the aggregate consumption of society, 563. — Effect of such variations on the supply of capital, 564. — Supply of capital also affected by the quantity of labor expended, 567; which for a given population depends on the amount of leisure enjoyed and on the efficiency of labor, 568. — Conclusion on ultimate causes permanently affecting the rate of interest. — Why capital has always been able to earn interest, 569.

I. § 1. Another formulation of the conditions governing the value of money, 38. — II. §2. The term "value of money, " 39. — III. § 3. The demand for legal-tender money, 40. — § 4. The derived demand schedule for legal tender, 42. — § 5. The separate variables in the formula; total resources, 43. — § 6. The proportion of resources kept in legal-tender form, 44. — § 7. The proportion kept in pockets and tills, 48. — § 8. The proportion kept by bankers, 50. — §§ 9, 10. The relation of the present formula to that of the equation of exchange, 52. — IV. §§ 11–19. The supply of legal-tender money under various conditions: inconvertible paper fixed in amount; partial fixity of supply; free coinage; bimetallism; seigniorage; gold exchange standard, 54. — V. § 20. Demand and supply, 58. — § 21. Production and supply of gold, 58. — § 22. Common causes likely to affect the various factors, 59. — §23. The element of time, 61. — § 24. Possible interaction of demand and supply, 63. — VI. § 25. Conclusion, 65.

Journal Article Kleene's Profit and Wages Get access F. W. Taussig F. W. Taussig Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 31, Issue 4, August 1917, Pages 705–710, https://doi.org/10.2307/1884042 Published: 01 August 1917