The use theory of interest has much in common with the productivity theory. According to this theory the capitalist not only gives to the borrower the capital for the period of time of the loan but he also gives him the use of the capital. The capital reproduces itself in the product and the use of the capital creates the interest. The borrower, therefore, must pay back not only the capital but also a sum for the use of the capital. The use of the capital according to this theory is an economic good distinct from the capital itself, and its value together with the value of the capital is transmitted to the product. In refutation of this it may be said that when the capital is loaned its use is loaned. The capitalist does not loan two things, the capital and the independent use of the capital, but the lending of the capital includes the lending of the use of the capital. This theory, therefore, fails to show an origin for interest different from the value out of which capital itself must be repaid.