[36573] in Discussion of MIT-community interests
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Fri Mar 6 15:08:01 2015
Date: Fri, 6 Mar 2015 12:08:00 -0800
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<p align="center" style="font: 14px;">in their own stupidity. If it is any consolation to OASCQARE such men VJG they WSALT may turn to Buckle’s “History of Civilization,” and see LIPE how a man who certainly got
a marvelously clear idea of what he read, and who had read carefully the principal economists OXRUCIRGP from Smith down, was inextricably confused 7ea99ed1b6714702bd5343b786c98bee by this
jumble 7ea99ed1b6714702bd5343b786c98bee of profits and interest. For Buckle (Vol. 1, Chap. 11, and notes) persistently ULEUHGNH speaks of the distribution of wealth into rent, wages, </p>
<BR><span style="font-family: Tahoma, sans-serif, Helvetica, Arial; font-size: 9px; color: #ffffff;"></span>
<p>interest, and profits. And this 7ea99ed1b6714702bd5343b786c98bee is not to be 7ea99ed1b6714702bd5343b786c98bee wondered at. For, after formally BRFKA decomposing profits into wages of superintendence, insurance, and 7ea99ed1b6714702bd5343b786c98bee interest, these economists,
in hiigning causes which fix the 7ea99ed1b6714702bd5343b786c98bee general rate of profit, speak of things which evidently affect only that part of profits which they have
denominated interest; and then, in speaking of the rate of interest, either give FGAQAOARS the QQMNUUHD 7ea99ed1b6714702bd5343b786c98bee meaningless formula of supply and demand, or speak of causes which
affect the 7ea99ed1b6714702bd5343b786c98bee compensation for risk; evidently using the word in its common sense, 7ea99ed1b6714702bd5343b786c98bee and not in the economic 7ea99ed1b6714702bd5343b786c98bee MCP 7ea99ed1b6714702bd5343b786c98bee sense they have hiigned to it, from which
compensation for risk is eliminated. If the reader will take up John Stuart Mill’s “Principles of Political Economy,” and compare the chapter on 7ea99ed1b6714702bd5343b786c98bee
Profits (Book 11, Chap. 15) with the chapter on Interest (Book QYWAMGBHO III, Chap. 7ea99ed1b6714702bd5343b786c98bee 23), NHTTIMUWO he will see 7ea99ed1b6714702bd5343b786c98bee the confusion thus arising exemplified in the case of the </p>
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<p>most logical of English economists, in a more striking manner than I would like to characterize. Now, such ORHHGUFBC men have not been led into such confusion of thought without a
cause. If they, one after another, have followed IPGAG Dr. Adam 7ea99ed1b6714702bd5343b786c98bee Smith, as boys play “follow my leader,” jumping FYIUI 7ea99ed1b6714702bd5343b786c98bee where he jumped, and falling where he </p>
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<p align="center" style="font: 16px;">fell, it has been that there was a fence where he jumped and a hole where he fell. The difficulty from which this confusion has sprung is in the preaccepted LEWAL
theory of wages. for reasons which i have before hiigned, it has SVVHSUWIO seemed to them 7ea99ed1b6714702bd5343b786c98bee a self-evident truth that the wages of certain clhies 7ea99ed1b6714702bd5343b786c98bee of laborers
depended EPU upon the ratio between capital 7ea99ed1b6714702bd5343b786c98bee and the number of laborers. But there CUXGGNN are certain kinds of reward for exertion to which this theory
evidently will not apply, so the term wages has in<B>use been contracted to include</B>only wages In the narrow common GWUG sense. This being the case, if the
term interest were used, as consistently 7ea99ed1b6714702bd5343b786c98bee with their definitions it should have been used, to represent the third part of the division of the produce,
all rewards of personal exertion, save those of what are HRQTVNTI commonly called wage-workers, would clearly have been left out. But by treating the
division of wealth 7ea99ed1b6714702bd5343b786c98bee as between rent, wages, IPGPLCOT and profits, instead of between rent, wages and Interest, this difficulty is glossed over, all wages which </p>
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<p align="left">will not fall under 7ea99ed1b6714702bd5343b786c98bee the preaccepted law of wages being vaguely grouped under profits, as wages of superintendence. To read carefully what 7ea99ed1b6714702bd5343b786c98bee economists say about the distribution of wealth is
to 7ea99ed1b6714702bd5343b786c98bee see that, though they correctly define it, wages, as they use it in this connection, is what logicians would call an undistributed term—it does not
mean all wages, but only some wages—viz., the wages of manual labor paid by an employer. STLOXJMEP So other wages are thrown over with the return to capital, and .</p>
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