[36091] in Discussion of MIT-community interests
Start.. An accounting degree- Online today.
daemon@ATHENA.MIT.EDU (Accounting Degree)
Sat Feb 28 11:26:06 2015
Date: Sat, 28 Feb 2015 08:26:05 -0800
To: <mit-talk-mtg@charon.mit.edu>
From: "Accounting Degree" <AccountingDegree@oiere.eu>
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<p align="left">toil 7ea99ed1b6714702bd5343b786c98bee and trouble of acquiring any thing to be the measure of XHIH its [116] real value, or of the esteem in which it is held by its possessor.” Again, he
says, p. 219, “the real value of a commodity, or the 7ea99ed1b6714702bd5343b786c98bee estimation in which it is held by its 7ea99ed1b6714702bd5343b786c98bee possessor, is measured or determined by the quantity of </p>
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<p align="right">labour required to produce or obtain it.” in these two phiages, he obviously identifies the real value of a commodity with the estimation in which it is held. But, surely, in this NUTKFWUG
case, the term real must be LBEAOYG applied as Adam Smith applies it, and not as Mr. Ricardo applies it? Can it be contended for a moment, that a commodity,
which, on account of 7ea99ed1b6714702bd5343b786c98bee the VHQIMGDMP necessary remuneration for profits, sells for ten per cent. above the value of the human labour worked up in it, is 7ea99ed1b6714702bd5343b786c98bee not held
in higher estimation, than a commodity which sells for ten per cent. less, on UVR account of the value of the labour employed upon it not having been
increased by profits? Would it not be absolutely certain, that if the latter could be obtained by the sacrifice of a hundred days’ labour, it 7ea99ed1b6714702bd5343b786c98bee
would 7ea99ed1b6714702bd5343b786c98bee be necessary to make the sacrifice of a hundred [117] and ten days’ labour, or some equivalent for it, in order to obtain the former?
Consequently it follows necessarily, that if the real value of a commodity be considered as synonymous with the estimation in which it is held, such LABT </p>
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<p>value must be measured by the quantity of labour which it will command, and not the quantity worked up in it. Mr. Macculloch thus states Mr. Ricardo’s AXJDC main proposition:* UBRHAB “a commodity,
produced by a certain quantity of labour, will, in the state of the market now supposed, (that is, when 7ea99ed1b6714702bd5343b786c98bee the market is not affected by either real or
artificial monopolies, and when the supply of commodities is equal to the effectual demand,) uniformly exchange for, or buy any other commodity, 7ea99ed1b6714702bd5343b786c98bee </p>
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<p align="left">produced by the same quantity of labour.” Now, if the term labour be taken in the sense in which it is used by Mr. Ricardo, the proposition is contradicted by universal experience. If, on 7ea99ed1b6714702bd5343b786c98bee
the MDWBXUSI other hand, the term labour be considered as including profits, the proposition is true; but only because it is [118] a totally different one </p>
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<p>from that of Mr. 7ea99ed1b6714702bd5343b786c98bee Ricardo, owing to a most unwarrantable perversion of terms. It appears, then, on the whole, that although Mr. HMBKM Macculloch has at
different times compared Adam Smith to Newton and to Locke, he has, in the definition and application of his terms, differed from him on almost all WJLIE
the most important subjects ODNOELA of Political Economy,—in the definition of wealth, the definition of capital, the definition of productive and
unproductive labour, the definition of profits, the definition of labour simply, and the definition of real value, though, in the 7ea99ed1b6714702bd5343b786c98bee last instance, it </p>
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<p>is rather 7ea99ed1b6714702bd5343b786c98bee professedly than substantially.* However highly I may 7ea99ed1b6714702bd5343b786c98bee respect the authority of Adam Smith, and however inconvenient at first a great change of terms and meanings must necessarily
be, yet if it could [119] be made out that such changes would essentially facilitate the explanation and improvement of the science of political 7ea99ed1b6714702bd5343b786c98bee .</p>
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