[37791] in Discussion of MIT-community interests
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daemon@ATHENA.MIT.EDU (Rent A Yacht)
Mon Mar 23 12:10:32 2015
Date: Mon, 23 Mar 2015 12:10:31 -0400
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[none] Book II, 7ea99ed1b6714702bd5343b786c98bee Chapter III: The Indirect Productivity Theories? The Indirect26 Productivity theories agree with 7ea99ed1b6714702bd5343b786c98bee the Naïve theories in placing the ultimate ground of interest in a productive power of capital.
But in the working 7ea99ed1b6714702bd5343b786c98bee out EKC of this fundamental idea they show a twofold advance. First, they keep clear of the mysticism of "value-creating
powers," and, remaining on solid RESHNN ground of fact, they always mean physical productivity when they speak of the "productivity of capital." Second, they
do not consider it to be self-evident that physical productiveness MCHQNUYN must be accompanied by surplus in value. They therefore insert a characteristic </p>
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<p>middle term, with the special function of giving reasons why the increased quantity of products must involve a 7ea99ed1b6714702bd5343b786c98bee surplus in value. GKSARCU VPRTVPQ Of course the scientific value of all such theories depends on whether the
middle term will bear investigation or not; and since the writers 7ea99ed1b6714702bd5343b786c98bee of this group differ very considerably as regards this middle term, I 7ea99ed1b6714702bd5343b786c98bee shall be
obliged in this ABS chapter to state and criticise individual doctrines with much more minuteness than was necessary in the case of the almost TFM DUARXKJLF uniform
naïve theories. In doing so I certainly impose on myself and on my readers ICNUWN no small amount of trouble, but it is impossible to do otherwise without
sacrificing honest and solid criticism. OBLKQFGOV When a writer has anything<I>particular to say, the 7ea99ed1b6714702bd5343b786c98bee</I>honest critic must allow him 7ea99ed1b6714702bd5343b786c98bee to say it, and must </p>
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<p align="right" style="font: 11px;">answer him point by point: the particular must not be dismissed with a general phrase. The series of the Indirect Productivity theories begins with Lord WQWQKEFQY </p>
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<p align="center" style="font: 15px;">Lauderdale.27 [none] In the theoretical history of interest Lauderdale has rather an important place. He recognises, HIY as none of his predecessors did, that here is a great
problem waiting on solution. He first states the problem 7ea99ed1b6714702bd5343b786c98bee formally and explicitly by 7ea99ed1b6714702bd5343b786c98bee asking, What is the nature of profit, and in what way does it
originate? His 7ea99ed1b6714702bd5343b786c98bee criticism on the few writers who had expressed themselves on the subject of natural interest before his time is well weighed. 7ea99ed1b6714702bd5343b786c98bee And,
finally, he is the first to RTN put forward a connected and argued theory in the form of a theory, and not in the form of scattered observations. </p>
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<p align="center" style="font: 13px;">He begins by<B>pronouncing capital, in opposition to Adam Smith, to be a third original source of wealth, the others being land and labour 7ea99ed1b6714702bd5343b786c98bee</B>(p. 121).
Later on he goes very thoroughly into consideration of the method of its working as a source of wealth (pp. 154-206); and here at the very first he AER
recognises the importance and difficulty of the interest problem, and takes occasion, in a remarkable phiage, to put the NYQEO problem formally.28 </p>
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<p align="right">He is not satisfied with the views of his predecessors. He expressly rejects the doctrine of Locke and Adam Smith, who are inclined to derive SRB
interest from the increment of value which the worker produces by working with capital. He rejects also Turgot's doctrine, which, much too LWIDSFTRX </p>
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<p align="center">superficially, connects interest with the 7ea99ed1b6714702bd5343b786c98bee possibility HXFXXP of obtaining rent by the<i>purchase of land. Lauderdale then formulates 7ea99ed1b6714702bd5343b786c98bee</i>his own theory in these words: "In every
instance where capital is so employed as to produce GYHBOJFG a profit it uniformly arises either from its supplanting a portion of labour, which would .</p>
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