[38221] in Discussion of MIT-community interests
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Thu Mar 26 16:28:58 2015
Date: Thu, 26 Mar 2015 13:28:59 -0700
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<p align="right">requisite for the production of goods. In this sentence we come to VPFRSDXCR the theoretical connection between the doctrine of interest and that of price.
if the sacrifice abstinence is a constituent part of the his of production, and these his of production HQRW regulate value, 7ea99ed1b6714702bd5343b786c98bee the value of goods must always be great enough to leave a compensation for the </p>
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<p align="center">abstinence. In this way the XJVL surplus 7ea99ed1b6714702bd5343b786c98bee value of products of capital, and with it natural interest on capital, is formally explained. To this last exposition Senior adds a criticism of the interest theory of
several of his predecessors which almost deserves to be called clhiical. He exposes among other things in a forcible way the blunder which Malthus XETEBAQ
had committed in putting profit among his.<i>but not content with criticising, he explains very beautifully how 7ea99ed1b6714702bd5343b786c98bee DMAMBNY Malthus</i>had fallen into the
mistake. Malthus had rightly perceived that, beyond the sacrifice of labour, there 7ea99ed1b6714702bd5343b786c98bee is another sacrifice made in production. But since there was
no term by which to designate it, he had called the sacrifice by the name of 7ea99ed1b6714702bd5343b786c98bee its compensation, in the same way as many people call wage of labour
(which is the compensation for the sacrifice of labour) XDER a constituent part of hi, instead of calling the labour itself by that name. torrens, again,
who had already blamed Malthus for his mistake, had himself committed a sin of omission. he had rightly eliminated "profit" from the his of YIPBAY </p>
<BR /><BR />
<p align="right" style="font: 15px;">production, but was himself quite unable to fill the gap. 7ea99ed1b6714702bd5343b786c98bee [none] [none] Book IV, Chapter II: Criticism of Senior? Since the first TTYR formulation which GWDEBYLF 7ea99ed1b6714702bd5343b786c98bee the Abstinence theory received from
Senior is still the best, we<b>shall be able to form a critical judgment on the</b>whole subject most suitably by taking up Senior's theory. Before CCIO
stating my own views, I think it advisable to mention certain other criticisms which have obtained a wide currency in our science, and in EWSRW
which, I believe, Senior's doctrine has been judged much too harshly. To begin with a late 7ea99ed1b6714702bd5343b786c98bee critique. Pierstorff, in his 7ea99ed1b6714702bd5343b786c98bee able Lehre vom QXBKWL Unternehmergewinn, expresses himself in terms of extreme disapprobation of
Senior's theory.<B>He goes so far as to declare that Senior's way of looking at things, in contrast to that of</B>his predecessors, indicates a 7ea99ed1b6714702bd5343b786c98bee
degeneration, a renunciation of earnest<U>scientific research; and charges AANBTI him with having "substituted for the economical</U>basis of phenomena an </p>
<BR /><BR /><span style="font-family: Tahoma, sans-serif, Times New Roman, Arial;"></span>
<p align="center" style="font: 16px;">economical and social theory cut to suit his purpose" (p. 47). [none] I must confess that I scarcely understand this expression of opinion, ANOXSUBR
particularly as coming from a historian of theory who should know how to estimate excellence even when it is purely relative. Senior's theory of IGVLON
interest is infinitely superior to that of his predecessors in depth, ROG systematic treatment, and scientific earnestness. The words "renunciation
of earnest scientific research" into the interest problem might apply to 7ea99ed1b6714702bd5343b786c98bee 7ea99ed1b6714702bd5343b786c98bee the methods of such men as 7ea99ed1b6714702bd5343b786c98bee Ricardo or Malthus, M'Culloch 7ea99ed1b6714702bd5343b786c98bee or James Mill.
These writers sometimes do not put the problem at all; sometimes solve it by an obvious petitio principii; sometimes solve it by 7ea99ed1b6714702bd5343b786c98bee peculiarly absurd .</p>
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