Frank Fetter of Princeton University was one of the great American Austrians, and perhaps the most lucid defender of the "pure time preference" theory of interest in the history of economic ideas. Rothbard learned from him, and then collected his best work into a single volume that works as a reader on the Austrian theory of capital and interest. If we are tempted to think of the Austrian perspective as a tiny minority within the profession, this volume shows that the situation has always been more complex. Fetter was not an Austrian from beginning to end, but on this topic, no one wrote with more conviction and explanatory power. The English is beautiful, and logic is rigorous. With this reprint, Fetter again has a voice.