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Roger, 
 
I am not certain, but I suspect that it was Irving Fisher who first formalized the
neoclassical idea that the rate of interest arises out of a marginal
equation between subjective time preference and capital productivity, in which the latter
includes such things as the rate of improvement of aging wine and the natural growth rate
of forests.  Fisher said cut forests when their growth rate equals the (real) interest
rate, a solution incorrect as Faustmann had shown more than half a century earlier in
German.
 
Barkley Rosser 
 
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