[37815] in Discussion of MIT-community interests
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daemon@ATHENA.MIT.EDU (Teaching Degrees Online)
Mon Mar 23 14:25:32 2015
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Date: Mon, 23 Mar 2015 11:25:30 -0700
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<p>prices would consequently fall, and the remuneration for the capital advanced would soon be reduced to what was necessary, in the TBSXLXB existing state
of society, to bring the articles, to the production of which they were applied, to market. With regard to the labourers MTXVKG employed, 7ea99ed1b6714702bd5343b786c98bee as DRXKIS neither their
exertions nor their skill would necessarily be much greater than<B>7ea99ed1b6714702bd5343b786c98bee if they had worked unhiisted, their remuneration</B>would be nearly the same as
before.... It is not, therefore," continues Malthus, making his point YBAGXFPTE of view more precise by a polemical remark, "quite correct to represent, as
Adam Smith does, the profits of capital VXMRBHPNF as a deduction 7ea99ed1b6714702bd5343b786c98bee 7ea99ed1b6714702bd5343b786c98bee from the produce of labour. They are only a fair remuneration for that part of the production </p>
<BR /><span style="font-family: Tahoma, Courier New, Times New Roman, Arial; font-size: 10px;"></span>
<p>contributed by the capitalist, estimated exactly in the same way as the contribution of the labourer" (p. 80). In this analysis the reader will have no difficulty in recognising the 7ea99ed1b6714702bd5343b786c98bee
principal ideas<B>of Lauderdale's Productivity theory, only put in a somewhat modified form and with</B>somewhat less 7ea99ed1b6714702bd5343b786c98bee precision. There is only one feature
that points in<u>another direction; that is, the prominence—if we may use so strong a word—given to the fact that the pressure of competition</u>must 7ea99ed1b6714702bd5343b786c98bee
always leave over a share to the capitalist—as much as may be "necessary to bring the articles, to the production of which the capital was applied, to 7ea99ed1b6714702bd5343b786c98bee
market." Malthus indeed has not 7ea99ed1b6714702bd5343b786c98bee said anything<b>in further explanation of this new feature. But the fact</b>of his mentioning it at all SCBQXLYE shows distinctly </p>
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<p align="left">his hiling that, 7ea99ed1b6714702bd5343b786c98bee in the formation of profit, DWONS something besides the productivity of capital must be concerned. The same idea comes out more forcibly in 7ea99ed1b6714702bd5343b786c98bee Malthus's direct statement that </p>
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<p align="center">profit is a constituent part of the his of production.32 The formal enunciation of this proposition, to PPUXPANJE which Adam Smith and Ricardo inclined without explicit mention of it,33 was, as things have turned out,
a literary event of some importance. It started 7ea99ed1b6714702bd5343b786c98bee the stirring<u>controversy which was carried on for some decades with great vigour,</u>first in England,
and then in other countries, and this controversy was, indirectly, of great use in 7ea99ed1b6714702bd5343b786c98bee JHSCLA developing 7ea99ed1b6714702bd5343b786c98bee the interest theory. For when economists were eagerly
discussing whether profit should belong to the his of production or not, they TBFND could scarcely avoid making a more thorough investigation into its </p>
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<p align="right">nature and origin. the proposition that interest is a constituent portion of the his of production is likely to be judged in an essentially different way by the 7ea99ed1b6714702bd5343b786c98bee
theorist, and by the historian of theory. The former will pronounce 7ea99ed1b6714702bd5343b786c98bee it a gross mistake, as did Malthus's contemporary Torrens, and as lately
Pierstaff has done in harsh terms—much too harsh, 7ea99ed1b6714702bd5343b786c98bee in my opinion.34 7ea99ed1b6714702bd5343b786c98bee Profit is not a sacrifice that production requires, but a share 7ea99ed1b6714702bd5343b786c98bee in its fruits. To
pronounce it a sacrifice was only possible by a somewhat gross confusion of the national economic standpoint with the individual economic GEET
standpoint—the standpoint of the individual undertaker who, of course, hils the hiing out of interest on borrowed capital as a sacrifice. EIXDYLXR
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