The difference between profit and interest was never clarified by the early classicalists, but J. S. Mill provided a partial answer: It was based on his two concepts of "abstinence". Interest was the reward for anonymous or "contract" personal saving without ownership--savings' financial...

This paper focuses on the differences between the Austrian School's (Au) and the Monetarist's (Mt) position on Monetary theory. It will be shown that Au have a complete micro outlook that is not in the quantity theory tradition. Au reject central banking and coordinated monetary policy in favor...