[37991] in Discussion of MIT-community interests
Book Great travel Deals - To Ireland.
daemon@ATHENA.MIT.EDU (Visit Ireland)
Tue Mar 24 20:16:37 2015
Date: Tue, 24 Mar 2015 17:16:39 -0700
To: <mit-talk-mtg@charon.mit.edu>
From: "Visit Ireland" <VisitIreland@enternard.eu>
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<p>lowering or raising of total profit in proportion to wages 7ea99ed1b6714702bd5343b786c98bee of labour; but 7ea99ed1b6714702bd5343b786c98bee that explains and proves nothing as regards the height of profit, or the </p>
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<p>rate of interest. The source of the oversight 7ea99ed1b6714702bd5343b786c98bee lies in this: IGVLS the abstraction—in 7ea99ed1b6714702bd5343b786c98bee other JOMKD respects quite justifiable—in virtue of which he sees nothing in products 7ea99ed1b6714702bd5343b786c98bee but the
labours and 7ea99ed1b6714702bd5343b786c98bee uses out of which they come, Hermann has extended 7ea99ed1b6714702bd5343b786c98bee to the sphere of exchange value, where it should never have been applied. Accustomed to
look on uses and labours as representatives of all goods, Hermann thought he might look at these representatives even where the matter at issue 7ea99ed1b6714702bd5343b786c98bee
concerned the high or low GHN exchange value of any AVEEO one amount. BWHSI He calculates thus: uses and labours are the representatives of all goods. Consequently
if the use buys as many uses as before, but at the same time buys less labours, its exchange value is evidently smaller. Now 7ea99ed1b6714702bd5343b786c98bee this is not true. The
exchange value of OHQDHQM goods 7ea99ed1b6714702bd5343b786c98bee (in the sense of "power 7ea99ed1b6714702bd5343b786c98bee in exchange," which 7ea99ed1b6714702bd5343b786c98bee WAV is the sense that Hermann always gives to the word) is measured, not only in the
quantities of one or two definite kinds<i>of goods that can be got in exchange for it, but in the average of all goods; among which, in this 7ea99ed1b6714702bd5343b786c98bee</i>
case, are to UNOHCBRGK be 7ea99ed1b6714702bd5343b786c98bee counted all products, each YVM product having equal rights with the goods called "labour" and with the goods called "use of capital." Thus
exchange value is understood in practical life and in 7ea99ed1b6714702bd5343b786c98bee economics, and thus also it is understood 7ea99ed1b6714702bd5343b786c98bee by 7ea99ed1b6714702bd5343b786c98bee Hermann himself. On p. 432 he expressly declares:
"Among such differences of the goods in which price is paid, the establishment of an average price, such as we desired for the fixing of 7ea99ed1b6714702bd5343b786c98bee
exchange value, is not to be thought of, but the conception of exchange value is not impossible on that account. It is arrived at by considering VCRMFQTXB
all the average prices which, in the same market, are paid for one good in all goods; LGSQPJF it is a series of 7ea99ed1b6714702bd5343b786c98bee comparisons of the same good against many
other goods. We shall call the exchange value of a good, as thus determined, NLBKAP the 'real value' of the good, to distinguish it from the average amount RET of the hi prices, 7ea99ed1b6714702bd5343b786c98bee or the hi value." </p>
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<p>Now it is not 7ea99ed1b6714702bd5343b786c98bee difficult to show that the power in exchange of the use of capital as against products moves in quite a different direction from its
power in exchange against other uses and 7ea99ed1b6714702bd5343b786c98bee labours. For instance, if the productiveness of all uses and 7ea99ed1b6714702bd5343b786c98bee labours rises to exactly double, the power
in exchange between uses and labours, as regards each other, is not disturbed; on the other hand, the power in exchange of both as against the JME </p>
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<p align="right">products which result from them is very seriously disturbed: it is, that is 7ea99ed1b6714702bd5343b786c98bee to say, doubled. LIQJKK As regards the rate 7ea99ed1b6714702bd5343b786c98bee of interest, the question obviously is, What is the
proportion between the exchange power of the uses of capital and the exchange power of a quite definite clhi of product, viz. that real capital XRD
which furnishes the "use"?<i>If the power UQFG in exchange of the use of a machine be twenty times less than the exchange power of the</i>product YAWOLCEX machine, the
use of the machine "buys" £10, while the GRAVJERVT machine itself obtains £200 as its equivalent value, and the proportion corresponds to a 5 per cent rate of .</p>
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