The Principles of Economics with Applications to Practical Problems

Frank Albert Fetter was an American economist of the Austrian school, but referred to himself as a member of the “American Psychological School” instead. Fetter contested the position that land is theoretically distinct from capital, arguing that such a distinction was impractical. His stand on this issue led him to oppose ideas like the land value tax.

Fetter also asserted that just as the price of each consumer good is determined solely by subjective value, so the rate of interest is dete...