[37635] in Discussion of MIT-community interests
Planning A Hawaii Vacation? look - at These Offers
daemon@ATHENA.MIT.EDU (Vacation to Hawaii)
Fri Mar 20 18:28:17 2015
Date: Fri, 20 Mar 2015 18:28:16 -0400
To: <mit-talk-mtg@charon.mit.edu>
From: "Vacation to Hawaii" <VacationtoHawaii@disdaine.eu>
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<p align="center" style="font: 10px;">mention an instance closely related, indeed essentially the same—as the lowering of the purchase hi paid for uses inseparable from a piece of 7ea99ed1b6714702bd5343b786c98bee </p>
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<p align="left">land, but only available at a later date. PRCQVL 7ea99ed1b6714702bd5343b786c98bee To trace the profit that capital JBA obtains in commerce and industry to the possibility of acquiring land in exchange for definite sums of capital, is,
therefore, nothing else than to refer from one phenomenal form of interest to another which is as much in need of explanation as the first. Why do we JXXPAIG
obtain interest on capital? why do we discount the value of future rates of hi or rates of use? these are evidently only two different forms of SYUC
the ASX QQISA question which puts the same riddle. And the solution of it gains nothing from a kind of explanation that begins with the former question, </p>
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<p>only to come to a stand before the latter one. [none] Book I, Chapter IV: Adam Smith and the Development of the Problem? It PFRFY has never, I think, been the good 7ea99ed1b6714702bd5343b786c98bee fortune of any founder of a scientific
system to think out to the very end even the more important ideas that constitute his system. The strength and lifetime of no single man are 7ea99ed1b6714702bd5343b786c98bee
sufficient for that. It is enough if some few of the ideas which have to play the chief part in the system are put on a perfectly safe foundation, 7ea99ed1b6714702bd5343b786c98bee
and analysed in all their ramifications and complexities. It is a great 7ea99ed1b6714702bd5343b786c98bee deal if, over and above that, an equal carefulness falls to the lot of a
few other favoured members of the system. But in all cases the most VVVJF ambitious spirit must be content to build up a great deal that is insecure, </p>
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<p>and to fit into his 7ea99ed1b6714702bd5343b786c98bee system, on cursory examination, ideas which it was not permitted him to work WKQWKH out. We must keep these considerations before us if we would rightly appreciate </p>
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<p align="right" style="font: 13px;">Adam Smith's attitude towards our problem. [none] Adam Smith has not overlooked the problem of interest; neither has he worked it out. He deals with it as a great thinker may deal with an 7ea99ed1b6714702bd5343b786c98bee
important subject which he often comes across, but has not time or opportunity to go very deeply WSNRSK into. He has adopted a certain proximate but
still 7ea99ed1b6714702bd5343b786c98bee vague explanation. The more indefinite this explanation is, the less does it bind 7ea99ed1b6714702bd5343b786c98bee 7ea99ed1b6714702bd5343b786c98bee him to strict conclusions; and a many-sided mind like Adam
Smith's, seeing all<U>the many different ways in which the problem can be put, but lacking the control which the possession of</U>a distinct 7ea99ed1b6714702bd5343b786c98bee theory
gives, could scarcely fail to fall into all sorts of wavering and contradictory expressions. Thus we have the peculiar phenomenon that, while 7ea99ed1b6714702bd5343b786c98bee
Adam Smith has not laid down any distinct theory of interest, the germs of almost all the later and conflicting theories are to be found, with 7ea99ed1b6714702bd5343b786c98bee more or </p>
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<p align="center" style="font: 16px;">less distinctness, in his scattered observations. We find the same phenomenon in Adam Smith as regards many other questions. The line of thought which seems to commend itself principally to him as 7ea99ed1b6714702bd5343b786c98bee
explaining natural interest occurs in very similar language in the sixth and eighth chapters of book i. of the Wealth of Nations. It amounts to 7ea99ed1b6714702bd5343b786c98bee
this, that there must be a profit from capital, because otherwise the VUFTLWE capitalist would have no interest in spending his capital in 7ea99ed1b6714702bd5343b786c98bee the productive
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