[38013] in Discussion of MIT-community interests
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Wed Mar 25 06:13:11 2015
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Date: Wed, 25 Mar 2015 03:13:11 -0700
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<p align="right" style="font: 9px;">of the supply and demand of the uses of hi capital. on one occasion he explicitly admits that in the use, besides the personal element, there may 7ea99ed1b6714702bd5343b786c98bee
be contained RNIW EXEL a material element, which he calls the Gebrauch of capital UXT (ii. QDR p. 458). And notwithstanding his condemnation of Hermann, he himself
does not scruple now and then to ascribe 7ea99ed1b6714702bd5343b786c98bee "fruitfulness" to the use of capital. Thus he neither entirely accepts the ground of the Use theory nor </p>
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<p align="left" style="font: 16px;">entirely rejects it. Even in his later systematic<u>work, the Bau und Leben des sozialen Körpers,37 Schäffle's views have not developed into</u>a completely clear and GFISCMMOH
consistent theory. While he has got beyond the old Use theory in one respect, in another he has come nearer to it. In the Bau und Leben he 7ea99ed1b6714702bd5343b786c98bee
always looks upon interest as a "return to the use<u>(Nutzung) of capital," which use at all times maintains an MVRAKSDXN economical value. In this he gives</u>up
the subjective meaning of use, and now treats it unambiguously as a purely objective 7ea99ed1b6714702bd5343b786c98bee element contributed by goods. He 7ea99ed1b6714702bd5343b786c98bee speaks of the uses as "functions
of goods," as "equivalents of useful materials in living labour," as "living energies of impersonal social substance." 7ea99ed1b6714702bd5343b786c98bee Even in the socialist
state this objective use would retain its independent value, and thereby preserve its capacity to yield SIM WIQKD interest. The phenomenon of interest can
only disappear if, in OEWUXD the socialist state, the community, as sole owner of capital, should contribute the 7ea99ed1b6714702bd5343b786c98bee valuable use of capital gratuitously; in
which case 7ea99ed1b6714702bd5343b786c98bee the return from it would CHXEVKU go DYRWYES DCGVKUT to the advantage of the entire social body (iii. p. 491). On the other hand, Schäffle rather diverges from
the old Use theory in not acknowledging the use of capital as an ultimate and original element in production, and in tracing all his of production 7ea99ed1b6714702bd5343b786c98bee
to labour alone (iii. pp. 273, 274). But in doing so he chances on another line of explanation, which I shall have to SLG 7ea99ed1b6714702bd5343b786c98bee discuss at length in another </p>
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<p align="center" style="font: 10px;">connection. While these followers of Hermann have<i>not developed his theory so much as broadened 7ea99ed1b6714702bd5343b786c98bee XCLUYJBES it, Knies</i>may fairly claim to have improved it in some essential
respects. He has YKPM made no change in its fundamental ideas, but he has given these fundamental ideas a 7ea99ed1b6714702bd5343b786c98bee much clearer and more unambiguous expression than
Hermann himself gave 7ea99ed1b6714702bd5343b786c98bee GULA them. That 7ea99ed1b6714702bd5343b786c98bee Hermann's theory was very much in want of such improvement SLE was shown by the many misunderstandings of it. 7ea99ed1b6714702bd5343b786c98bee I have
already remarked that Schäffle considered Hermann a Productivity theorist. Still 7ea99ed1b6714702bd5343b786c98bee more remarkable is 7ea99ed1b6714702bd5343b786c98bee it that Knies himself thought he saw in 7ea99ed1b6714702bd5343b786c98bee Hermann, </p>
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<p align="left">not a forerunner, but an opponent.38 [none] Knies was not always a Use theorist. In his Erörterungen über den Kredit,39 published in 1859, he looked on hi transactions as barter transactions, 7ea99ed1b6714702bd5343b786c98bee
or, according to circumstances, buying transactions, in which what one party gives is given in the present, and what the other gives as equivalent 7ea99ed1b6714702bd5343b786c98bee
is given in 7ea99ed1b6714702bd5343b786c98bee the future (p. 568). One of the ulterior results 7ea99ed1b6714702bd5343b786c98bee of this conception was that interest must not be looked on as an equivalent 7ea99ed1b6714702bd5343b786c98bee of a
use 7ea99ed1b6714702bd5343b786c98bee transferred in the hi, but—almost as galiani had put it long 7ea99ed1b6714702bd5343b786c98bee before40 —as a part-equivalent of the parent hi itself. but since 7ea99ed1b6714702bd5343b786c98bee then knies has .</p>
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