Interest, Capital & Wealth
 

 


§Q®§¡B¸ê¥»¡B°]´I
<1> §Q®§ [1] (Interest [1])
<2> §Q®§ [2] (Interest [2])
<3> ½Æºâ»P§é²{ (Compounding & Discounting)
<4> Capital (1) ¡Ð What is capital?
(¸ê¥» (1) ¡Ð ¬Æ»ò¬O¸ê¥»¡H)
<5> Capital (2) ¡Ð Capital price?
(¸ê¥» (2) ¡Ð ¸ê¥»»ù®æªº¨M©w¡H)

 

 


 

 

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Capital [1] ¡Ð What is capital?
¸ê¥» [1] ¡Ð ¬Æ»ò¬O¸ê¥»¡H


¦Ò¦Ò§A¡G

ÃD¤@¡G®Ú¾Ú§A©Òª¾¡A¤U¦C¨º¨Ç¬O¸ê¥» (capital)¡H(¥i¿ï¦h©ó¤@¶µ¡C)

(A) ¹A¦a (B) ªº¤h (C) ³Ò¤u (D) ªoµe

(E) ¬ü»ª (F) ¤f¤~




¸ê¥»ªº©w¸q¡G©Ò¦³¥i©ó±N¨Ó±a¨Ó¦¬¤Jªºª««~³£¬O¸ê¥»¡C



¶Ç²Î¸gÀپǽҥ»¡A±N¥Í²£¦]¯À (factors of production) ¤À¦¨¥|Ãþ¡G

  • ¤g¦a (land) ¡Ð¤ÑµM¸ê·½
  • ¸ê¥» (capital) ¡Ð¤H³y¸ê·½
  • §V¤O (labour)
  • ¥ø·~®a¾¯à (entrepreneurship)

¶O¨F (Irving Fisher) ±N¸ê¥»³o´n©À¤@¯ë¤Æ¬°©Ò¦³¥i¦b±N¨Ó±a¨Ó¦¬¤Jªºª««~¡A°ò©ó³o©w¸q¡A¥H¤W¥|Ãþ¥Í²£¦]¯À¥þ¬O¸ê¥»¡C¦Ó³o©w¸q¹ï¸ÑÄÀ²{¶H¦³¦óÀ°§U¡A±N¥H«á¦A¸ÑÄÀ¡C


Capital Value (¸ê¥»­È)

¥H¤U¬O¬Y¹q¸£©Ò¯à¦b±N¨Ó±a¨Óªº¦¬¤J (¥H¨C¦~¦~²×­pºâ)¡A¦~§Q²v =10%¡G

²Ä¤@¦~
²Ä¤G¦~
²Ä¤T¦~
$300
$400
$500

¿é¤J´£¥Ü¡G

  • ³Ñ = *
  • °£ = /
  • 2 ªº 3 ¦¸¤è = T(2,3)

¦p­n¿é¤J 1/1.1 + 200/1.13 ¡A½Ð¿é¤J 1/1.1 + 1/T(1.1,3) ¡A¦p¦¹Ãþ±À¡A©ú¥Õ«K¶}©l¤F¡C

§é²{­È
=
=

ÃD¤G¡GÁÙ°O±o«ç¼Ë­pºâ§é²{­È¶Ü¡H¦Û¤v°Ê¤â­p¤@­p§a¡HµL­p¼Æ¾÷ªº¸Ü¡A¥i±N¤½¦¡¿é¤J¥ª¤è¡C(­ø°O±o¡A½Ð«ö¦¹¡C)

 

±N¸ê¥»¦b±N¨Ó©Ò±a¨Óªº¦¬¤J§é²{ (discounting)¡A±o¥Xªº§é²{­È©Î²{¦b­È«K¬O¡u¸ê¥»­È¡v¡C²³æ¨Ó»¡¡A¸ê¥»­È¬O¥«³õ¹w´Á¸Ó¹q¸£©Ò¯à±a¨Óªº°]´I¡C

Capital value is the discounted value of the future income generated by the capital.

 


 

 

Econman (22 / 12/ 2000)