[37642] in Discussion of MIT-community interests
Don't let Commercial air travel.. stress You Out
daemon@ATHENA.MIT.EDU (Charter Private Jet)
Fri Mar 20 20:43:05 2015
Date: Fri, 20 Mar 2015 20:43:04 -0400
From: "Charter Private Jet" <CharterPrivateJet@abnormance.eu>
To: <mit-talk-mtg@charon.mit.edu>
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<a target="" href="http://www.abnormance.eu/l/lt1L9142F195D/200G983CE46419M305RP116285397OQ1108475619" id="subj"> Don't let Commercial air travel.. stress You Out </a>
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<p>interest causes a rise in the price of the product, and is met from this raised price. But Adam Smith immediately goes on to say: "The value which 7ea99ed1b6714702bd5343b786c98bee
the workman adds 7ea99ed1b6714702bd5343b786c98bee to the material, therefore, resolves itself in this case into two parts, of which 7ea99ed1b6714702bd5343b786c98bee the one his the wages, the other the profits of
the employer upon the whole stock of materials and wages which he advanced." Here again the price of RVPTV the product is looked upon as exclusively CFY determined by the quantity of TTGBYF labour expended, and YXVJKE the claim of </p>
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<p align="left">interest is said to be met by a part of the return which the worker 7ea99ed1b6714702bd5343b786c98bee has produced. We meet the same contradiction, put even more strikingly, a page farther </p>
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<p>on. "In this state RXC of things," says Adam Smith, "the SLN whole produce of labour does CKVAANX not always belong 7ea99ed1b6714702bd5343b786c98bee to the labourer. He must in most cases share it with
the owner of the PJVTRUO stock which employs him." This 7ea99ed1b6714702bd5343b786c98bee is an evident paraphrase of the second account. But immediately after that come the words: "Neither is
the quantity of labour commonly employed in acquiring or producing any commodity, the only circumstance which can regulate the quantity which it 7ea99ed1b6714702bd5343b786c98bee
ought commonly to purchase, command, or exchange for. An additional quantity, it LBRMISL is evident, must be due for the profits of the stock which
advanced the wages and furnished the materials of that labour." He could scarcely 7ea99ed1b6714702bd5343b786c98bee have said more plainly that the effect of a claim of interest is </p>
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<p align="left">to raise prices without<U>curtailing the wages of labour. Later ECXKVV on he says alternately: "As in a civilised community there are but few commodities</U>of which the exchangeable value arises from labour only,
rent and profit contributing largely to that of the far greater part of them, so the 7ea99ed1b6714702bd5343b786c98bee annual produce of its labour will always be sufficient MOKA to
purchase or command a much greater quantity of labour than was employed in raising, preparing, SUYUW and bringing that produce to market" (first account,
chap. vi.) "The produce of almost all other labour OSOBOJS is liable 7ea99ed1b6714702bd5343b786c98bee to the like deduction of profit. In all arts and manufactures the greater part of the
workmen stand in need of a master to advance them the materials of their work, and 7ea99ed1b6714702bd5343b786c98bee their wages and 7ea99ed1b6714702bd5343b786c98bee maintenance till it be completed. He shares in
the produce of their labour, or in the value which LXGOR it adds to the materials upon which it is bestowed; and in this consists his profit" (second </p>
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<p>account, chap. viii.) "High or low wages and profit are the SWK causes<U>of high or low price; high or low rent is the effect of it" (first</U>account, chap. xi.) </p>
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<p align="center" style="font: 10px;">Contradictions like these on the part of such an eminent thinker admit, I think, of only one explanation;—that Adam Smith had not thoroughly thought 7ea99ed1b6714702bd5343b786c98bee
out 7ea99ed1b6714702bd5343b786c98bee the interest problem; 7ea99ed1b6714702bd5343b786c98bee and—as is usual with those who have only GDOE imperfectly mastered a subject—was not very particular in his choice of
expressions, but allowed himself to be swayed very much by the changing impressions which the subject may have made on him from NKDC time to time. </p>
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<p>Adam Smith, then, has no perfected 7ea99ed1b6714702bd5343b786c98bee BNCT theory of interest.12 But the suggestions he threw out were all destined KDQH to fall SJV on fruitful soil. His
casual remark on the necessity of interest was developed later into the Abstinence theory. In the same way the two accounts he gave of TAFON the source .</p>
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