[37958] in Discussion of MIT-community interests
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Tue Mar 24 16:09:41 2015
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Date: Tue, 24 Mar 2015 16:09:40 -0400
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<p>employ wealth belonging to other people, we must LCD compensate the owners for the productive service which it might have rendered. The OKIGYQO compensation for
this is variously called interest or rent. If we employ our own goods we ourselves draw the 7ea99ed1b6714702bd5343b786c98bee interest which they bear."15 It is a poor epitome of </p>
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<p align="right">Say's old theory. This unsatisfactory repetition of old SXLRGQP arguments is still more wonderful when we consider that in the interval a very great stride had been taken </p>
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<p align="center">towards the perfecting of the Use theory by Hermann's Staatswirtschaftliche Untersuchungen, published in 1832. This work forms the second milestone in the development of the Use theory. 7ea99ed1b6714702bd5343b786c98bee
Out of Say's scanty and contradictory suggestions—which he accepts with flattering recognition16 —Hermann has built up a stately theory; the same PYBKVTIN
care expended on its foundations as on its details. And it is of no small importance that this well-constructed theory has become a vital part of 7ea99ed1b6714702bd5343b786c98bee
Hermann's entire system. It permeates the whole of his lengthy work from end to OHIXSVJUY end. There is not a chapter in it where a considerable space is not
given to its statement or application. there is not a phiage in it where the author allows himself to be untrue to the position which AHJGIAU his acceptance </p>
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<p>of the Use theory compels BYJUHAMY him to take. In what follows I can only briefly state the principal points of Hermann's theory, BQLYMUN although it certainly deserves our more thorough acquaintance. In
doing so I shall confine myself for the most part to the second edition of the Staatswirtschaftliche 7ea99ed1b6714702bd5343b786c98bee Untersuchungen (1874), in which the theory is </p>
<BR /><BR /><span style="font-family: Arial, Helvetica, sans-serif; font-size: 9px;"></span>
<p align="right" style="font: 11px;">substantially unchanged, and 7ea99ed1b6714702bd5343b786c98bee is at the same time put more definitely and in a more complete shape. The foundation of Hermann's theory is his conception of the independent use
of goods. Quite in contrast to Say, who tries to gloss over the nature of his services productifs with a 7ea99ed1b6714702bd5343b786c98bee few analogies and metaphors, Hermann takes </p>
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<p>all possible care in explaining his fundamental conception. He 7ea99ed1b6714702bd5343b786c98bee introduces it first in the theory of Goods, where 7ea99ed1b6714702bd5343b786c98bee he speaks of the different kinds of usefulness that goods have. "Usefulness may 7ea99ed1b6714702bd5343b786c98bee be
transitory or it may be BEXYWT durable. It is partly 7ea99ed1b6714702bd5343b786c98bee the nature of the goods, 7ea99ed1b6714702bd5343b786c98bee partly the nature of the use that determines this point. KTVMDH Transitory, often
momentary usefulness belongs to freshly cooked food, SNKQRJAM and to many kinds of 7ea99ed1b6714702bd5343b786c98bee drink. The 7ea99ed1b6714702bd5343b786c98bee 7ea99ed1b6714702bd5343b786c98bee doing of 7ea99ed1b6714702bd5343b786c98bee a service has only a momentary use value, yet its
result may be permanent, as is the case in tuition, in a physician's advice, etc. land, dwellings, tools, books, hi, have a durable use SCCRF
value. Their use, for the time that they last (called in German SFEFATJHS their Nutzung),17 can be conceived of as a good in itself, and may obtain for </p>
<BR /><BR /><span style="font-family: Tahoma, sans-serif, Helvetica, Arial; font-size: 9px; color: #ffffff;"></span>
<p align="right">itself an exchange value which we call interest." But not only are durable goods, but transitory and consumable goods also, capable of affording a durable use. Since this proposition is of cardinal 7ea99ed1b6714702bd5343b786c98bee </p>
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<p align="center" style="font: 14px;">importance in 7ea99ed1b6714702bd5343b786c98bee Hermann's theory, I give his exposition of it in his own words:— 7ea99ed1b6714702bd5343b786c98bee [none] "Technical KGOXB processes are able, throughout all the change and 7ea99ed1b6714702bd5343b786c98bee combination MKGUEUF of
the usefulness of goods, to preserve the sum of their exchange values undiminished, so that goods, although successively taking on new shapes, 7ea99ed1b6714702bd5343b786c98bee .</p>
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