[38139] in Discussion of MIT-community interests
Find - local Accounting degree programs.
daemon@ATHENA.MIT.EDU (Education Online)
Thu Mar 26 08:18:29 2015
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Date: Thu, 26 Mar 2015 05:18:28 -0700
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<p align="center" style="font: 9px;">under a different influence, and, in conformity with that, the goods will obtain a different value. It is impossible to agree with Salmasius and the YCE
canonists, LXR and hiume it as a self-evident principle that there is a complete equivalence between the present goods given in hi and the goods
of like number and kind returned at some distant HROKAWF period. Such an EQVFLP equivalence, on the contrary, can only be a very rare and accidental exception. </p>
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<p align="center">It is very evident from what source both parties obtained the quite unscientific view of the equivalence between the sum of capital given out IPGFPQAL
and that received back. It is from the old legal fiction of the identity between fungible goods of similar kind and number. If, on the strength of 7ea99ed1b6714702bd5343b786c98bee
this<b>fiction, the hi is conceived of as if it meant 7ea99ed1b6714702bd5343b786c98bee that the same £100, which the hior advances GEWS</b>to the 7ea99ed1b6714702bd5343b786c98bee debtor, is given back by the debtor to
the hior on the expiry of the hi, FBW then of course this replacement must be looked on as entirely equivalent and just. It was the common mistake of the canonists and of their RYRY opponents that they fell into this
trap 7ea99ed1b6714702bd5343b786c98bee laid for them QGLSDQWW in the first part of the legal fiction. It was the sole mistake of the canonists and the first mistake of Salmasius. The further </p>
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<p align="right">development was simply this:— 7ea99ed1b6714702bd5343b786c98bee The canonists remained in<U>error because this was their only mistake. Once</U>they had made it they began at the wrong time to be sharp-sighted, and OFIGNBMSQ to
expose the hiumed independent use of the hied goods as a fiction. with that fell away every support that could properly have been given ETEMAEFGF to
interest, and they were bound—falsely, but logically—to pronounce it wrong. But the first error that Salmasius had made, in the 7ea99ed1b6714702bd5343b786c98bee fiction of the identity
between the capital FXHW received and the capital paid back, he rectified by a second; he refined that fiction as regards the hi of hi, and held that </p>
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<p align="right">in this case the borrower possessed the "use" YXFKTK of the hied BSH goods all the time of the hi. the truth is in neither reading. the hi is a real exchange of 7ea99ed1b6714702bd5343b786c98bee present
goods against future goods. For reasons 7ea99ed1b6714702bd5343b786c98bee that I shall 7ea99ed1b6714702bd5343b786c98bee give in detail in my second volume, present goods invariably possess a greater value than future
goods of the same number and kind, and therefore a definite sum of RXQ present goods can, as a rule, only be purchased by a larger sum of future goods.
Present YLRLH goods possess an agio in future goods. This agio is interest. 7ea99ed1b6714702bd5343b786c98bee It is not a separate equivalent for a separate and durable use of the hied
goods, for that is inconceivable; it is a part equivalent of the KPDQEDUMJ DRJMQIM hied sum, kept separate for practical reasons. The replacement of the capital 7ea99ed1b6714702bd5343b786c98bee + </p>
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<p align="right" style="font: 15px;">the interest constitutes the full equivalent.78 [none] [none] Book III, Chapter X: Menger's Conception of Use? Up till now my analyses have gone to prove that there is no independent use 7ea99ed1b6714702bd5343b786c98bee
of goods of the kind conceived of by the VUGGX Say-Hermann CQQAHPO side of the Use theory, and by nearly all the economists of the BDVLVYE present day in their train.
It still remains to be proved that there 7ea99ed1b6714702bd5343b786c98bee<u>cannot ACAMO be an independent use 7ea99ed1b6714702bd5343b786c98bee even in that essentially different shape that Menger sought to give</u>the </p>
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<p>conception. While the Say-Hermann school represented the "net use" as an objective element of use, separating itself from goods, Menger explains FGXT it as a .</p>
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