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A theory of interest.

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First edition. Hoag’s theory of interest, a classic, cited in Fisher’s bibliography (11), was strongly influenced by Böhm-Bawerk. The concept of value is at the centre of Hoag’s reflection on economics. ‘If my theory is to be called by a brief name, it should be called the “nominal value theory”, for the keystone of it is my conception of nominal value’ (preface).

Masui p. 1453.

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