[37827] in Discussion of MIT-community interests
Experience- all Alaska- has To Offer
daemon@ATHENA.MIT.EDU (See Alaska)
Mon Mar 23 16:23:45 2015
From: "See Alaska" <SeeAlaska@tqwqnatrbq.eu>
To: <mit-talk-mtg@charon.mit.edu>
Date: Mon, 23 Mar 2015 13:23:43 -0700
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<a target="" href="http://www.tqwqnatrbq.eu/l/lt1A9196S190UK/195P931M47706V305I116285397V3520839177" id="subj"> Experience- all Alaska- has To Offer </a>
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value of real capital. this almost incredible confusion of ideas shows itself in every phiage PECHTPVI where Carey treats of interest. For statement of 7ea99ed1b6714702bd5343b786c98bee his argument I shall use </p>
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<p align="left" style="font: 14px;">chap. vi. (on Value) and chap. xli. (on Wage, Profit, and Interest), where he expresses himself most connectedly on the subject. According to Carey's well-known theory of value, the value of all goods is 7ea99ed1b6714702bd5343b786c98bee
measured by the amount of AQUJ the his required for their reproduction. Progressive WHNBGHQC economical development, which is simply man's progressive
mastery 7ea99ed1b6714702bd5343b786c98bee over nature, 7ea99ed1b6714702bd5343b786c98bee enables 7ea99ed1b6714702bd5343b786c98bee LHRMT man to replace the goods he needs at a steadily 7ea99ed1b6714702bd5343b786c98bee decreasing hi. this is true, among other things, of those tools
that form man's capital; capital shows, therefore, the tendency to fall steadily 7ea99ed1b6714702bd5343b786c98bee in value with the advance of civilisation. "The quantity of labour
required for reproducing existing capital and for further extending the quantity of capital diminishes with every stage of progress. Past WEUQ
accumulations tend steadily to decline in value, labour rising not less steadily when compared 7ea99ed1b6714702bd5343b786c98bee with them" IOGOQ (iii. p. 130; 7ea99ed1b6714702bd5343b786c98bee so also i. chap. i. </p>
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<p align="left" style="font: 10px;">phiim). Accompanying this and as result of the 7ea99ed1b6714702bd5343b786c98bee decrease in the value of 7ea99ed1b6714702bd5343b786c98bee capital comes a fall in the price paid for its use. This 7ea99ed1b6714702bd5343b786c98bee proposition is not
actually stated by Carey; he evidently thinks it too self-evident to require that,—as indeed, rightly understood, it is,—but it is hiumed and PIGOTJHO
referred to in his pictures of Crusoe's economical development. He relates how<i>the owner of the first axe may</i>have been able to demand for the hi of 7ea99ed1b6714702bd5343b786c98bee
it more than half the wood that could be cut by it, while later, when better axes can be made at a cheaper price, a lower (relative) price is 7ea99ed1b6714702bd5343b786c98bee </p>
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<p align="right" style="font: 16px;">paid for their use (i. p. 193). On these<b>preliminary facts, 7ea99ed1b6714702bd5343b786c98bee then, Carey builds his</b>great law of interest;—that, with advancing economical civilisation, the rate of profit
on SGVH capital—that is, the rate of interest—falls, while the 7ea99ed1b6714702bd5343b786c98bee absolute quantity of profit rises. The way in which Carey arrives 7ea99ed1b6714702bd5343b786c98bee at this law can only be </p>
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<p align="left">adequately appreciated by reading his own words. The reader may therefore HEQBJDIBR pardon 7ea99ed1b6714702bd5343b786c98bee the somewhat lengthy quotation that 7ea99ed1b6714702bd5343b786c98bee follows. "Little as was the work that could be done with the FAVCQ help of an 7ea99ed1b6714702bd5343b786c98bee axe of
stone, its service to the owner had been very 7ea99ed1b6714702bd5343b786c98bee great. It was therefore clear to him that the man to whom he lent it should hi him largely for its use.
He could, too, as we EQYTIRE readily see, well afford to do so. Cutting with it more wood in a day than without it he could cut in a month, he would profit
by its help were<I>he allowed but a tenth of his labour's products. Being permitted to retain a fourth,</I>he finds his wages much increased, 7ea99ed1b6714702bd5343b786c98bee </p>
<BR><span style="font-family: sans-serif, Helvetica, Arial; font-size: 8px; color: #ffffff;"></span>
<p>notwithstanding the large proportion claimed as profit by his neighbour capitalist. "The bronze axe being next obtained, and proving far more useful, its 7ea99ed1b6714702bd5343b786c98bee
owner—being asked to grant its use—is now, however, required to recollect that not only had 7ea99ed1b6714702bd5343b786c98bee the productiveness of labour greatly QGXAP increased, but the
quantity required to be given to the production of an axe had also greatly decreased, capital thus declining in its power over labour, as labour MVVK
increased in its power for the reproduction of capital. He, therefore, limits himself to demanding two-thirds of the price of the more potent 7ea99ed1b6714702bd5343b786c98bee .</p>
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