Note 1138 — Chapter I · : THE HEDONISTS
R. (Robert) Richards translation
This doctrine is not accepted even by all the Hedonists. Walras especially is very critical in the fourth edition of his Économie pure. M. A. Landez in his Intérêt du Capital (1904) and Irving Fisher in The Rate of Interest (1907) have tried if not to demolish it at least to correct it by giving a more subtle analysis of the motives determining a preference for a future income as compared with a present one. This time-preference, of course, varies according to the fortune of each and other circumstances.