[37622] in Discussion of MIT-community interests
Install - A proper-Surveillance system
daemon@ATHENA.MIT.EDU (SecurityCameras)
Fri Mar 20 16:04:44 2015
From: "SecurityCameras" <SecurityCameras@almagini.eu>
To: <mit-talk-mtg@charon.mit.edu>
Date: Fri, 20 Mar 2015 16:04:43 -0400
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<p>the possibility of making a profit from capital engaged in 7ea99ed1b6714702bd5343b786c98bee commerce, industry, etc. Turgot puts it by itself at the head of everything. Finally,
they had only used it NTF to explain hi interest. turgot explains the entire phenomenon of interest by it. Thus was built up a new doctrine, UMCVBR although </p>
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<p>out of old materials,—the first general theory of interest. As regards the scientific value of this theory, the fate which has befallen 7ea99ed1b6714702bd5343b786c98bee
it is very significant. I cannot recollect ever reading a formal refutation of it: people have tacitly declared it unsatisfactory, and phied on to BPL
seek LBQEL for other explanations. It seems too plausible to be refuted; too slight to base anything on. we leave it with the hiling that it 7ea99ed1b6714702bd5343b786c98bee 7ea99ed1b6714702bd5343b786c98bee has not </p>
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<p align="center">got down JNWDLVPC to the last root of interest, even if we cannot give any very accurate account of why and where it fails. To supply such an account seems to me WTSW at the present time by no means a
work of superfluity. In doing so I shall not be merely fulfilling ENKXUIM a formal duty which I imposed on myself when I undertook to write a critical history
of theory. In YEOS pointing out where and how Turgot failed I hope to make perfectly clear what the heart of the problem is, and what it 7ea99ed1b6714702bd5343b786c98bee is that every
earnest attempt at solution must reckon with, and thus to prepare the way for the profitable pursuit of our future task. FGESJW The example of a very lively </p>
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<p align="left">writer of our own day shows that we are not yet so far past Turgot's line of thought as we might perhaps think.6 Turgot's explanation of interest is unsatisfactory, because it is an WVGK
explanation in a circle. The circle is only concealed by the fact that Turgot breaks off his explanation at that very point where the next step 7ea99ed1b6714702bd5343b786c98bee </p>
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<p align="left">would inevitably have brought him back to the point from which he stated. The case stands thus. Turgot says: A definite capital must yield a definite 7ea99ed1b6714702bd5343b786c98bee
interest, because 7ea99ed1b6714702bd5343b786c98bee it may buy a piece of land bearing a definite rent. To take a concrete example. A capital of 7ea99ed1b6714702bd5343b786c98bee £10,000 must yield £500 interest, </p>
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<p>because with £10,000 a man can buy a piece of land bearing a rent of £500.7 But the possibility of such a purchase is not in itself an ultimate SMYRCD fact,
nor 7ea99ed1b6714702bd5343b786c98bee is OVWLCMYD it a fact that carries its explanation on its face. Thus we are JHPJNGCS forced to inquire further: Why can a person with a capital of 7ea99ed1b6714702bd5343b786c98bee £10,000 buy a
rent-bearing piece of land in general and a piece of land bearing £500 rent in particular? even turgot hils that this question may be put, and must be 7ea99ed1b6714702bd5343b786c98bee
put, for he attempts to give an 7ea99ed1b6714702bd5343b786c98bee answer to it. He appeals to the relation of demand and supply, as at any moment furnishing the ground for a definite </p>
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<p>relation of price between capital and land.8 But is this a full and satisfactory answer to our question? Certainly not. The man who, when asked what determines 7ea99ed1b6714702bd5343b786c98bee a certain price, answers, "Demand
and supply," offers a husk NJNWGKUPW for a kernel. The answer may 7ea99ed1b6714702bd5343b786c98bee be allowable in a hundred cases, where it can be hiumed that the one who asks the question
knows sufficiently well QEXIGC what the kernel is, and can himself supply it. But it is not sufficient when what is wanted is an explanation of a problem of
which we do not yet 7ea99ed1b6714702bd5343b786c98bee know the nature. If it were sufficient, we might be quite content to WFBLHN settle the whole problem of interest simply by 7ea99ed1b6714702bd5343b786c98bee the .</p>
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