[38505] in Discussion of MIT-community interests
Lower Your energy bill and Increase the Value of Your Home.
daemon@ATHENA.MIT.EDU (Window Deals)
Tue Mar 31 10:34:17 2015
To: <mit-talk-mtg@charon.mit.edu>
From: "Window Deals" <WindowDeals@pharactive.eu>
Date: Tue, 31 Mar 2015 07:34:17 -0700
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<p align="left" style="font: 14px;">existence of interest. 7ea99ed1b6714702bd5343b786c98bee Mill consequently modified it in the way of making the JTSKMOUMS value of goods determined by their his of production, instead of 7ea99ed1b6714702bd5343b786c98bee by
labour in general. among these his of production, besides labour which constitutes "so much the principal IYPBL 7ea99ed1b6714702bd5343b786c98bee element as to be very nearly the whole," </p>
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<p align="left" style="font: 11px;">he finds room for profit, and gives it an independent position. Profit with him is the second constant element in his.93 That Mill should have fallen into 7ea99ed1b6714702bd5343b786c98bee the old mistake of Malthus, and described
a surplus as a sacrifice, is all the more wonderful that in English political economy it had already been criticised, severely and forcibly, 7ea99ed1b6714702bd5343b786c98bee </p>
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both by Torrens and Senior. But whence comes profit? Instead of one, 7ea99ed1b6714702bd5343b786c98bee Mill gives three BEUUF inconsistent answers to this question. In these the Productivity theory IEFCX has the smallest share, and it is only in
isolated phiages, and with all manner of reservations, that mill tends in this direction. First, he 7ea99ed1b6714702bd5343b786c98bee explains with a 7ea99ed1b6714702bd5343b786c98bee certain hesitation IEOTRXU that capital
is the third independent factor in production. Of course capital itself is the product of labour; its efficiency in production is therefore that of 7ea99ed1b6714702bd5343b786c98bee
labour in an indirect shape. Nevertheless he finds that CTNOHDJ it "requires to be specified separately."94 In no less involved terms does he express himself
on the 7ea99ed1b6714702bd5343b786c98bee kindred question whether capital possesses independent productivity. "We often speak of the 'productive powers of VXTUNV capital.' This expression is
not literally 7ea99ed1b6714702bd5343b786c98bee correct. HQACOH The only 7ea99ed1b6714702bd5343b786c98bee productive powers are those of labour and natural agents; or if any portion of 7ea99ed1b6714702bd5343b786c98bee capital can by a stretch of language
be said to have a productive power of its own,<I>it is only tools and 7ea99ed1b6714702bd5343b786c98bee machinery which, like wind and water, may</I>be said to co-operate with
labour. The food of labourers and the materials 7ea99ed1b6714702bd5343b786c98bee of production have no productive power."95 Thus tools are really productive, while raw materials </p>
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<p>are not—a distinction as startling as it is untenable. [none] Much more decisive is his profession of 7ea99ed1b6714702bd5343b786c98bee Senior's Abstinence theory. It forms, as it were, Mill's official theory on interest. It appears
explicitly and completely in the chapter devoted to profit, and is often appealed to afterwards in the course of the work. "As the wages of the 7ea99ed1b6714702bd5343b786c98bee
labourer are the remuneration of labour," says Mill in the fifteenth chapter of the second book of his Principles, "so the profits of the 7ea99ed1b6714702bd5343b786c98bee
capitalist are properly, according to Mr. Senior's 7ea99ed1b6714702bd5343b786c98bee well-chosen expression, the remuneration of abstinence. They are what he gains by forbearing to
consume 7ea99ed1b6714702bd5343b786c98bee his capital for his own uses, and allowing it to be consumed by productive labourers for their uses. For this forbearance he requires a
recompense." And as distinctly in another MSMR place: "In 7ea99ed1b6714702bd5343b786c98bee our analysis of the requisites of production we found that there is 7ea99ed1b6714702bd5343b786c98bee another necessary element
in it SWVJQPH besides labour. There is also capital; and this being the result of abstinence, the produce or its value must be sufficient to remunerate not
only all the 7ea99ed1b6714702bd5343b786c98bee 7ea99ed1b6714702bd5343b786c98bee labour required, but the abstinence of all the persons by whom the remuneration of the OTCCIJH SFFODVKK different clhies of labourers was advanced. 7ea99ed1b6714702bd5343b786c98bee the
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