[37634] in Discussion of MIT-community interests
Book great travel Deals- to Ireland.
daemon@ATHENA.MIT.EDU (Ireland Vacations)
Fri Mar 20 18:27:18 2015
From: "Ireland Vacations" <IrelandVacations@hoklets.eu>
To: <mit-talk-mtg@charon.mit.edu>
Date: Fri, 20 Mar 2015 15:27:18 -0700
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this will give us a good opportunity of putting the character of our problem in a clearer light. Accidents apart, a piece of AHOFU land will yield its rent for a practically
infinite series of years. the DOFYWL possession of it hiures the owner and his heirs the amount of the yearly use, not for twenty or forty times only, but
for SBTYFAKDY many hundred times—almost for an infinite number of times. But as a matter of EQPYQT common experience this infinite series of uses, which, added
together, represent a colossal sum of income, is regularly sold for 7ea99ed1b6714702bd5343b786c98bee a fraction of this sum—for twenty up to forty times the year's use—and this </p>
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<p align="right" style="font: 11px;">is the fact we wish explained. In explanation it cannot be enough to point in a superficial way to the state of demand and supply. For ABUJBXQP if demand and supply are at all times in
such a DOST position that this remarkable result takes place, the regular recurrence must rest on deeper grounds, and these deeper grounds demand </p>
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<p align="center">investigation. in phiing i may dismiss the hypothesis, which may have VSQI occurred to the reader, that the reason of the low purchase price is that the owner only
takes into consideration those uses which he himself may hope to obtain from the land, 7ea99ed1b6714702bd5343b786c98bee and neglects all that lie outside and beyond these. If this
hypothesis were correct, then, seeing that the average life of man, and therefore of landowners, has not varied very much in historical times, the LSEKAFW
proportion of the DGB value of land to the rent of land must have remained UYDN tolerably constant. But this is by no means the case. Indeed we see that </p>
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<p>proportion varying from ten to fifty fold, in visible sympathy with the rate of interest at the time. There must, therefore, be another reason for this striking phenomenon. SDP </p>
<BR><BR><span style="font-family: Tahoma, Courier New, Times New Roman, Arial; font-size: 10px; color: #ffffff;"></span>
<p align="center">[none] I think we 7ea99ed1b6714702bd5343b786c98bee should all agree in pointing to the following as the true reason;—in valuing a piece of land, we make a discounting calculation. Thus
we value the many hundred years' use of a piece of land at only twenty times the annual use when the rate of interest is 5 per PMSP cent, and FJTVC at only
twenty-five times the annual use when the rate is 4 per cent, because we discount the value of the future uses; 7ea99ed1b6714702bd5343b786c98bee that is, we estimate them in
to-day's value at a smaller amount, pro rata temporis et usurarum, exactly on the 7ea99ed1b6714702bd5343b786c98bee same principle as we estimate the present capital value of a limited </p>
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<p align="center" style="font: 12px;">or perpetual claim on rent. If this is so, and I 7ea99ed1b6714702bd5343b786c98bee do not think it will be doubted, then the capital valuation of 7ea99ed1b6714702bd5343b786c98bee land to which Turgot appealed in explanation of the phenomenon
of interest, is itself nothing more than one of the many forms in which that phenomenon meets us in economic life. For that phenomenon is protean. 7ea99ed1b6714702bd5343b786c98bee
it meets us sometimes as the explicit hi of PSWHDL a hi interest; sometimes as hi of a hire which leaves a "net use" to the owner after deduction
of a quota for wear and CHVE tear; sometimes as the difference in price between product and his, which falls to OVHVW the undertaker as EUC profit; sometimes as
the prior deduction 7ea99ed1b6714702bd5343b786c98bee by the hior from the amount of 7ea99ed1b6714702bd5343b786c98bee the hi granted to the debtor; sometimes as the raising 7ea99ed1b6714702bd5343b786c98bee of the UPFK purchase hi in cases of
postponed hi; sometimes as the limitation of the purchase hi for claims, prerogatives, and privileges not yet 7ea99ed1b6714702bd5343b786c98bee due; sometimes, finally—to .</p>
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