[37836] in Discussion of MIT-community interests
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Mon Mar 23 18:22:19 2015
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Date: Mon, 23 Mar 2015 15:22:17 -0700
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<p align="left" style="font: 9px;">return which a worker could obtain YKNCPNO by the help of the axe. The result of this comparison is the proposition that, with advancing civilisation, 7ea99ed1b6714702bd5343b786c98bee the
hire paid for capital COBVQW forms an always decreasing proportion of that total return. This and nothing else is the substance of the law which Carey up </p>
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<p align="left" style="font: 16px;">till now has expounded and proved, and which he often abridges in the words, "The proportion of the TJVJE capitalist falls." Let 7ea99ed1b6714702bd5343b786c98bee us hear Carey 7ea99ed1b6714702bd5343b786c98bee further. "That the law here given as regards the return
to capital invested JEILKEUAO in axes is equally true in reference to all other descriptions of capital will be obvious to the reader upon slight
reflection." He demonstrates its efficacy first in the reduction of the rent of old houses, on which there is nothing particular to remark, and 7ea99ed1b6714702bd5343b786c98bee
then goes on. "so, too, with hi. brutus charged 7ea99ed1b6714702bd5343b786c98bee almost 50 per cent interest for its use, and in the days of Henry VIII the proportion allotted
by law to the lender was 10. Since then it has steadily declined, 4 per cent having become so much the established rate in England that property is 7ea99ed1b6714702bd5343b786c98bee
uniformly estimated at twenty-five years' purchase HMTWDICR of the rent; so large, nevertheless, having been the increase in the powers of man that the
present receiver of a twenty-fifth can command an amount of convenience and of comfort twice greater than could have been XJJTSH obtained by his predecessors
who received a tenth. In 7ea99ed1b6714702bd5343b786c98bee this decline 7ea99ed1b6714702bd5343b786c98bee in the proportion charged for the use of capital we find the highest proof 7ea99ed1b6714702bd5343b786c98bee of man's improved condition" (iii. p. </p>
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<p align="left" style="font: 10px;">135). [none] In these words Carey has suddenly performed a bold volteface. He speaks as if the proof adduced in the foregoing phiages referred to WQSIWD the rate of
interest, and thenceforth treats it as an established fact that the depreciation of the value of capital brings about a depreciation of the ITJ </p>
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<p align="right">rate of interest!39 This change of front rests<b>on as gross a piece of juggling as can well be imagined. In</b>the whole course of the preceding argument Carey has never 7ea99ed1b6714702bd5343b786c98bee
once mentioned the rate of interest, much less made it the subject 7ea99ed1b6714702bd5343b786c98bee of any proof. To apply the argument to the rate of interest Carey has now to make </p>
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<p>a double perversion of his 7ea99ed1b6714702bd5343b786c98bee conceptions—first, of the<B>conception 7ea99ed1b6714702bd5343b786c98bee of "use"; second, of the conception of "proportion." In the course of his 7ea99ed1b6714702bd5343b786c98bee argument</B>he has always employed the phrase "use of
capital" in the sense of "gross use." He who hires out an axe sells its gross use; the price which he receives for it is a 7ea99ed1b6714702bd5343b786c98bee hire or gross interest.
But now all at once he employs the 7ea99ed1b6714702bd5343b786c98bee word use in the sense of net use, the use to which the net (hi) interest corresponds. while the argument
therefore, was that gross interest has a tendency to fall (relatively), the conclusion drawn by Carey from his argument 7ea99ed1b6714702bd5343b786c98bee is that net use has this </p>
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tendency. But the second perversion is even more gross. In the course of the argument the TLTYWXQJ word "proportion" had always referred to the relation between the amount of the interest and the total return to the
labour done SSUAYSSRD by the help of capital. But now, in his application of the argument, Carey interprets the word proportion as expressing a relation .</p>
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