[37840] in Discussion of MIT-community interests
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daemon@ATHENA.MIT.EDU (Hawaii Vacation Deals)
Mon Mar 23 19:36:15 2015
Date: Mon, 23 Mar 2015 16:36:16 -0700
To: <mit-talk-mtg@charon.mit.edu>
From: "Hawaii Vacation Deals" <HawaiiVacationDeals@metrophy.eu>
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<p>canoes that the worker now builds in the same time as formerly he built two, he CIIQQ may retain four for himself, while two are claimed by the
capitalist. The 7ea99ed1b6714702bd5343b786c98bee share of the labourer has thus increased both in proportion and in quantity; that of the capitalist has also HPQXVTH increased in quantity, but
has decreased in relative proportion,—it has fallen 7ea99ed1b6714702bd5343b786c98bee from a half to 7ea99ed1b6714702bd5343b786c98bee a 7ea99ed1b6714702bd5343b786c98bee third SNQRR of the product. Finally, the celebrated "American axes" of the present day
come 7ea99ed1b6714702bd5343b786c98bee into use. With 7ea99ed1b6714702bd5343b786c98bee them three times the work can now be done that used to 7ea99ed1b6714702bd5343b786c98bee be done by the copper axes, and of the eighteen canoes, or other products
of labour, which 7ea99ed1b6714702bd5343b786c98bee the borrower of the axe can now make, he will have to hi four for the use of the axe, and fourteen are left him as the share of his </p>
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<p align="left">labour. In this case again the share of the 7ea99ed1b6714702bd5343b786c98bee worker has proportionally advanced, and that of the capitalist diminished. Arrived at this point, Smith begins to apply his rules to modern economic </p>
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life and its forms. First, for the form WOEBNHGV of contract with the 7ea99ed1b6714702bd5343b786c98bee savage is substituted the modern hi contract. "The cases we have put represent the capitalist CTO agreeing 7ea99ed1b6714702bd5343b786c98bee to make a fixed
hi out of the product of the capital CWAGFKW which he entrusts to the labourer, and of the mechanical force of the latter. In so doing he runs a
risk that the labourer may not exert himself to WROP his full ability, and that the residue after hi of wages, upon which he depends for profits, may
be less than he calculates. To insure himself against this contingency, he naturally seeks to RNLBIYR bargain for less wages than he is confident that the
earnest and honest exertion of 7ea99ed1b6714702bd5343b786c98bee the workman's strength AQRO would enable him to 7ea99ed1b6714702bd5343b786c98bee hi, without impairing his expected profit. WSEECAGVR the 7ea99ed1b6714702bd5343b786c98bee workman, on the contrary,
knowing what he can do, and unwilling to submit to any reduction, prefers to guarantee the profit which the capitalist desires, taking upon himself LUTRCGRBX
the risk that the product will leave a margin broad enough to provide for the wages which the capitalist is afraid to guarantee. The contract thus 7ea99ed1b6714702bd5343b786c98bee </p>
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<p>becomes one of hiring capital" (p. 80). The careful reader will remark that in these words not only ISRX is the new form of contract substituted for the old,—to which there 7ea99ed1b6714702bd5343b786c98bee is no objection, ESGDMGVEX but,
quite unexpectedly, for the SXC price YCF of the use, which was the thing formerly mentioned, and which was a gross interest, is now substituted IXYT the "profit" </p>
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<p align="right" style="font: 10px;">(net interest),—to which there are very serious objections. But Peshine Smith goes still farther. Without hesitation he substitutes for 7ea99ed1b6714702bd5343b786c98bee
the proportion of the product the proportion of the parent capital, or 7ea99ed1b6714702bd5343b786c98bee the rate of interest. Carey had made this confusion blindly; Smith makes it
with all deliberation, which is more singular and more difficult to excuse. "Men reckon their gains by a comparison between what they previously 7ea99ed1b6714702bd5343b786c98bee
possessed and what is added to it. The capitalist reckons his profits not by his proportion of the product which has been won 7ea99ed1b6714702bd5343b786c98bee by 7ea99ed1b6714702bd5343b786c98bee the combination with
labour, but by the ratio which the increment bears to the previous stock. He says he has made so much per cent on his capital; he rents it for 7ea99ed1b6714702bd5343b786c98bee so
much per cent for a year. The difference is one of arithmetical notation, not of fact. When his proportion of the product is small, it being composed 7ea99ed1b6714702bd5343b786c98bee .</p>
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