A Book that is Not Milk for Babes. [Liberty, November 23, 1889.] The most important book that has been published this year comes to Liberty from the press of the J. B. Lippincott Company, of Philadelphia. It is a little volume of something over a hundred very small pages, printed from very large type. For ten years to come it probably will be read by one person where Looking Backward is read by a thousand, but the economic teaching which it contains will do more in the long run to settle the labor question than will ever be done by Looking Backward, Progress and Poverty, and The Cooperative Commonwealth combined. Its title is Involuntary Idleness: An Exposition of the Cause of the Discrepancy Existing between the Supply of,...
These letters, addressed to Frederic Bastiat, an economist, originally appeared in a debate published in The Voice of the People, in 1849. Interest and Principal A Loan is a Service On the one hand, it is very true, as you have unquestionably established, that a loan is a service. And as every service has a value, and, in consequence, is entitled by its nature to a reward, it follows that a loan ought to have its price, or, to use the technical phrase, ought to bear interest. But it is also true, and this truth is consistent with the preceding one, that he who tends, under the ordinary conditions of the professional lender, does not deprive himself, as you phrase it, of the capital which be lends. He lends it, on the contrary, precisely bec... (From : Anarchy Archives.)