Page:David Atkins - The Economics of Freedom (1924).pdf/102

 factors of land area in space, and time in eternity, are very important life-belts in infinity for the economist.

Professor Irving Fisher constantly employs the factor of time, as, for example, when he speaks of interest “being the link which binds man to the future.” What other link is there between the present and future but time itself, and what can interest be but a measure of the importance of the interval in hours? Again, “Time…is required. Nature is slow in yielding up her treasures. This slowness of nature, in view of man's impatience to exploit her, will give rise to a rate of interest.” And finally, “In fact, if we were asked to state in a word why there is interest, we should reply, because nature is slow and keeps men waiting.”

Böhm-Bawerk actually got time into his laboratory, but he appears to use it chiefly as a factor to measure short and long cycles of production. His statements that there is a loss of time involved in the employment of capital are repeated and specific, such as, “the disadvantage connected with the capitalist method of production is its sacrifice of time” and “…the loss of time which is bound up with the capitalist process.”

Since he also emphasizes immediately the accelerated production which results from the employment of capital, the words “loss” and “sacrifice” are altogether too weighted with prejudice. If he had said that the greater cycles involved in capitalist production called for the aid of extra-effort, or extra-effort stored for use, which is capital, he would have escaped the appearance of claiming sympathy for capital, which needs