[37731] in Discussion of MIT-community interests
Hot deals To Oahu, Maui-- Kauai and The big Island learn More today
daemon@ATHENA.MIT.EDU (Trips to Hawaii)
Sun Mar 22 15:14:18 2015
Date: Sun, 22 Mar 2015 12:14:16 -0700
From: "Trips to Hawaii" <TripstoHawaii@tuberns.eu>
To: <mit-talk-mtg@charon.mit.edu>
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<a target="" href="http://www.tuberns.eu/l/lt1OW9174L186XN/191G863HD46867LQ12Y116285397C3624001771" id="subj"> Hot deals To Oahu, Maui-- Kauai and The big Island learn More today </a>
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the capital expended in production. As to what really is the chief EBKQDD question—Why the actual prices of goods, 7ea99ed1b6714702bd5343b786c98bee whether they are called natural or market 7ea99ed1b6714702bd5343b786c98bee prices, leave over a profit to
capital?—Torrens has almost nothing to say. He evidently considers profit to be a thing so self-explanatory that any detailed explanation of it is 7ea99ed1b6714702bd5343b786c98bee
quite unnecessary. 7ea99ed1b6714702bd5343b786c98bee He contents himself with a few unsatisfactory formulas,—formulas, moreover, which contradict each other, as they point to
lines of 7ea99ed1b6714702bd5343b786c98bee thought that are entirely distinct. One of these formulas is UFHUTTG the PSGKW often recurring observation that the capitalist must make a profit,
otherwise he 7ea99ed1b6714702bd5343b786c98bee would have no inducement to accumulate capital, or lay it out in 7ea99ed1b6714702bd5343b786c98bee any productive undertaking (pp. 53, 392). Another, 7ea99ed1b6714702bd5343b786c98bee pointing in quite a
different direction, is that profit is a "new creation" produced by the employment GJIAPHIR of capital (pp. 51, 54). But 7ea99ed1b6714702bd5343b786c98bee 7ea99ed1b6714702bd5343b786c98bee how it is created we KNBL are not told; </p>
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<p>he gives us a formula, FINPYSST not a theory. But no member of the English school has been so unhappy in his treatment of 7ea99ed1b6714702bd5343b786c98bee the subject, and has done such ill service 7ea99ed1b6714702bd5343b786c98bee to the theory of interest, as
M'Culloch.41 He comes near quite a number of diverging opinions, ACQT but only gets deep enough in them to fall into flagrant self-contradiction; he does
not expand any one of them sufficiently to form a 7ea99ed1b6714702bd5343b786c98bee theory that even approaches consistency. We find only one exception to this; but the theory
which is there advanced is the most absurd that could possibly occur to any thinker. Even this, however, in later editions of his work he abandons, WWLRGW
although not without allowing traces of it to remain and contrast equally with facts and with the context. Thus OOGYO M'Culloch's utterances on the subject </p>
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<p>are one great collection 7ea99ed1b6714702bd5343b786c98bee of incompleteness, irrationality, and inconsistency. Since, however, M'Culloch's views have obtained extensive circulation, and </p>
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<p>command a certain respect, I cannot shirk the somewhat thankless task of justifying these strictures. M'Culloch starts with the proposition that labour is the only source of 7ea99ed1b6714702bd5343b786c98bee
wealth. The value of goods is determined by the quantity of labour required for their production. This he considers true not only of primitive YIAQSNS
conditions, but also of modern economic life, where capital, as well as direct labour, is 7ea99ed1b6714702bd5343b786c98bee employed in 7ea99ed1b6714702bd5343b786c98bee HUBWLC production; for capital itself is nothing
else than the product of previous labour. It is only necessity to add to the labour which 7ea99ed1b6714702bd5343b786c98bee is embedded in the capital the labour immediately
expended, and the sum of these determines the RGYRJRO value of all products.42 Consequently it is labour alone, even in modern economic IRACXWT life, which </p>
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<p align="center">constitutes the entire hi of production.43 but only a few lines before this definition of his as "identical with the quantity of labour," M'Culloch has included profit, as well as labour, 7ea99ed1b6714702bd5343b786c98bee
among the his;44 and almost OGUDHEF immediately after he has said that the quantity of labour alone determines value, he shows how a rise in the wages
of labour, hiociated with a fall in 7ea99ed1b6714702bd5343b786c98bee profit, alters XYUSGQV the exchange value of goods,—raising the value of those goods in the FCBWKCRVT production of which capital
of GGLIJLIDA less than average durability is employed, and reducing the value of those goods in the production of which capital of more than average .</p>
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