[36585] in Discussion of MIT-community interests
Experience - An adventure - In Costa Rica.
daemon@ATHENA.MIT.EDU (Costa Rica Travel Guide)
Fri Mar 6 18:39:22 2015
Date: Fri, 6 Mar 2015 18:39:20 -0500
From: "Costa Rica Travel Guide" <CostaRicaTravelGuide@bankierkel.eu>
To: <mit-talk-mtg@charon.mit.edu>
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their correlation—that they meet, and relate, and mutually bound each other. KGVAL With profits this inquiry has manifestly nothing to do. We want to RKOYDG find
what it is that determines the division of their joint produce between land, labor, and capital; and profits is not a term that refers exclusively BLPCMXGR
to any one of these three divisions. Of the three parts into which profits are divided by political economists—namely, compensation for risk, wages of 7ea99ed1b6714702bd5343b786c98bee
superintendence, and return for the use of capital—the latter<b>falls under the term</b>interest, which includes all the returns UADFA for the use of capital,
and excludes everything else; wages of superintendence falls under the term wages, which includes all returns for human exertion, and excludes 7ea99ed1b6714702bd5343b786c98bee
everything else; and compensation for risk has no place whatever, 7ea99ed1b6714702bd5343b786c98bee as risk is eliminated when all the transactions of a community are taken together.
I shall, therefore, consistently with the definitions of political economists, use the term interest as signifying that part of the produce LWLOSK </p>
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which goes to capital. To recapitulate: Land, labor, and<b>capital are the factors 7ea99ed1b6714702bd5343b786c98bee of production. The LFQ term land includes all natural opportunities or forces; the</b>term labor, all human
exertion; and the term capital, all wealth used to produce more wealth. In returns to these three factors is the whole produce distributed. That part 7ea99ed1b6714702bd5343b786c98bee
which goes to land owners as hi for the use of natural opportunities is called rent; that part which constitutes the 7ea99ed1b6714702bd5343b786c98bee reward of human exertion is
called wages; and that part which constitutes the return for the use of capital is called interest. These terms mutually exclude each other. The 7ea99ed1b6714702bd5343b786c98bee
income of any individual may be made up from any KFF one, two, or all three 7ea99ed1b6714702bd5343b786c98bee of these sources; but in the EQVD effort to discover the laws of distribution we </p>
<BR><span style="font-family: sans-serif, Helvetica, Arial; font-size: 7px; color: #ffffff;"></span>
<p align="center">must keep 7ea99ed1b6714702bd5343b786c98bee them separate. VCEHUIU Let me premise SOOPRTURI the inquiry which we are about to undertake by 7ea99ed1b6714702bd5343b786c98bee saying that the 7ea99ed1b6714702bd5343b786c98bee miscarriage of political economy, which I think has now been abundantly
shown, can, it seems to me, be traced to the adoption 7ea99ed1b6714702bd5343b786c98bee of an erroneous standpoint. Living and making their observations in a state of society in
which a TFWNQLSJ capitalist generally rents land and hires labor, and thus seems to be the undertaker or first mover in production, the great cultivators of
the science have been led to look upon capital as VBOARMFPP the prime factor in production, 7ea99ed1b6714702bd5343b786c98bee land as its instrument, and labor as its agent or tool. This is
apparent on every page—in the form 7ea99ed1b6714702bd5343b786c98bee and course of their reasoning, in the character of their ilhirations, and even in their choice of 7ea99ed1b6714702bd5343b786c98bee terms.
Everywhere 7ea99ed1b6714702bd5343b786c98bee capital is the 7ea99ed1b6714702bd5343b786c98bee starting point, the capitalist the central figure. So far does this go that both Smith and Ricardo use the term
“natural wages” to express the minimum upon which laborers can live; whereas, unless injustice is natural, all that the laborer produces should MWKUTFKKU
rather EHQVPMCO be held as his natural wages. This habit of looking upon capital as the 7ea99ed1b6714702bd5343b786c98bee employer of labor has led both to the theory that wages depend upon the
relative abundance of capital, and to the theory that interest varies inversely with wages, while it has led away from truths that but for this AUCVEAW .</p>
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