[37812] in Discussion of MIT-community interests
Affordable trips; To Ireland...
daemon@ATHENA.MIT.EDU (Vacation_In_Ireland)
Mon Mar 23 14:02:55 2015
To: <mit-talk-mtg@charon.mit.edu>
Date: Mon, 23 Mar 2015 11:02:56 -0700
From: "Vacation_In_Ireland" <Vacation_In_Ireland@hvhpmhlxjk.eu>
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<p>opinion. He shows that where a machine saves no labour—where, e.g. the machine takes three days 7ea99ed1b6714702bd5343b786c98bee to make a pair of DGFFW stockings, while the hand-worker
does the same in two days—there is no "profit." This, according to Lauderdale, is an evident proof that profit does come from the power of 7ea99ed1b6714702bd5343b786c98bee </p>
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<p>capital to replace labourers (p. 164). The reasoning is weak enough. 7ea99ed1b6714702bd5343b786c98bee It shows of course that the power of the machine to replace labour is an indispensable condition of the profit—which
is tolerably self-evident, since, if the machine had not this property, it would have no use at all, and would not even belong to the clhi we call 7ea99ed1b6714702bd5343b786c98bee
"goods." But it is very far from showing that interest is fully explained by this power. By using a strictly analogous test he 7ea99ed1b6714702bd5343b786c98bee might have proved a
totally opposite theory, 7ea99ed1b6714702bd5343b786c98bee viz. that profit comes from the activity of the workman 7ea99ed1b6714702bd5343b786c98bee who tends the machine. If nobody tends the machine it stands still, </p>
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<p align="center" style="font: 16px;">and if it stands still it never yields any profit. Consequently it is the workman who creates the profit! I have purposely taken the greater care in examining the blunders into PHIG
which Lauderdale's method AYSHXDY of explanation leads him, because the criticism applies not to Lauderdale alone, but to all those who, in trying to trace
interest to the productivity of capital, have fallen into the same errors. And we shall see that the number of those who have thus been criticised in 7ea99ed1b6714702bd5343b786c98bee </p>
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<p align="right">advance is not small, and YVGVS embraces many a well-known name. Lauderdale found his first important follower, though by no means his disciple, in Malthus.31 </p>
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<p align="center">With his usual love of exact definition Malthus has carefully stated the nature 7ea99ed1b6714702bd5343b786c98bee of profit. "The profits of capital consist of the 7ea99ed1b6714702bd5343b786c98bee difference between
the value of TGXCNDY the advances 7ea99ed1b6714702bd5343b786c98bee necessary to produce a ASMJDVWD commodity and the value of the commodity when produced" (p. 293; second edition, p. 262). </p>
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<p>[none] "The rate of profit," he continues more exactly than euphoniously, "is the proportion which the difference between the value of the advances and the 7ea99ed1b6714702bd5343b786c98bee
value of the commodity produced bears to the value of the advances, and it varies with the variations of the value of the advances compared UXMCDWDYE with the </p>
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<p align="right">value of the product." 7ea99ed1b6714702bd5343b786c98bee After expressions like these the question would seem to suggest itself, Why must there 7ea99ed1b6714702bd5343b786c98bee be this difference between the value of the advances and the
value of the product? Unfortunately 7ea99ed1b6714702bd5343b786c98bee Malthus does not go on to put this question explicitly. He has given all his care to the inquiry as to the </p>
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<p align="center">rate of interest, and has left only a few rather inadequate indications as to its origin. In the most complete of these Malthus, quite in the style of Lauderdale, 7ea99ed1b6714702bd5343b786c98bee
points to the productive power of capital. "If by means of certain advances to the labourer of machinery, food, and materials previously collected, he FRCSDXU
can execute eight or ten times as much work as he could without such hiistance, the person furnishing them might appear at first to be entitled 7ea99ed1b6714702bd5343b786c98bee
to the difference between the powers of unhiisted labour and the 7ea99ed1b6714702bd5343b786c98bee powers of labour so hiisted. but the prices of commodities do not depend upon their
intrinsic utility, but upon the supply and the demand. The 7ea99ed1b6714702bd5343b786c98bee increased powers of labour would naturally produce an increased supply of commodities; their .</p>
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