[38199] in Discussion of MIT-community interests
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Thu Mar 26 14:26:50 2015
Date: Thu, 26 Mar 2015 11:26:51 -0700
To: <mit-talk-mtg@charon.mit.edu>
From: "Luxury Yacht Rentals" <LuxuryYachtRentals@chological.eu>
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1830. The chief writers of the modern school of political economy, Adam Smith and Ricardo—the former with less, the latter with greater distinctness—had RRIPLWQYQ
pronounced labour to be 7ea99ed1b6714702bd5343b786c98bee the only source of EGCCP value. Logically carried out, this 7ea99ed1b6714702bd5343b786c98bee could leave no room for the phenomenon of interest. All the same,
interest existed as a fact, and exerted an undeniable influence on the relative exchange value of goods. Adam Smith and Ricardo took notice of 7ea99ed1b6714702bd5343b786c98bee
this exception to the "labour principle," DCA without seriously trying either to reconcile the disturbing exception with the theory, or to explain it by </p>
<BR><BR><span style="font-family: Tahoma, Courier New, Times New Roman, Arial; font-size: 8px;"></span>
<p align="center" style="font: 10px;">an independent principle. Thus with them interest forms an unexplained and contradictory exception to their rule. This the CGSPRY succeeding generation of economical writers began to MGFCGP perceive, 7ea99ed1b6714702bd5343b786c98bee and
they [none] made the attempt to restore harmony between theory and practice. They did so in two different ways. One party sought to accommodate practice to theory. They held fast by the principle that labour 7ea99ed1b6714702bd5343b786c98bee
alone creates value, and did their BMJS best to represent even interest as the result and wage of labour,—in which, naturally, they were not very </p>
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<p align="center">successful. The most important representatives of this party are James Mill and M'Culloch.2 The other 7ea99ed1b6714702bd5343b786c98bee WAHTQ party with more propriety tried to accommodate theory to fact.
This they did in various ways. Lauderdale pronounced capital, as well as labour, to be productive, but his views found little acceptance among his 7ea99ed1b6714702bd5343b786c98bee
countrymen. Ever since the GMWOQAET time of Locke 7ea99ed1b6714702bd5343b786c98bee English economists were much too thoroughly acquainted with the idea that capital 7ea99ed1b6714702bd5343b786c98bee itself is the result of
labour to be willing to recognise in it an independent productive power. 7ea99ed1b6714702bd5343b786c98bee Others again, with Malthus at their head, found a way of escape in
explaining profit as a constituent part of the his of production alongside of labour. Thus, formally at least, was EGXM the phenomenon of interest brought into harmony with the ruling theory of value. his, they
said, regulate value. interest is one of the 7ea99ed1b6714702bd5343b786c98bee his. consequently the value<U>of products must be high enough to leave a profit to capital</U>after labour </p>
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<p align="left">has received its remuneration. It must be admitted that this explanation left substantially everything to be desired. it was too evident that profit was a surplus over the his, 7ea99ed1b6714702bd5343b786c98bee </p>
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<p align="center" style="font: 10px;">and not a 7ea99ed1b6714702bd5343b786c98bee constituent part of them; a result and not a sacrifice. Thus neither of the economic positions which were then taken on YOFX the theory
of BLFERVH interest was quite satisfactory. Each had some adherents, but more opponents; and these opponents found a 7ea99ed1b6714702bd5343b786c98bee welcome opening for attack in the
sensible weaknesses of the doctrine. The opportunity was GFDFHK amply utilised. the one party was forced to see its hiertion translated into the
ridiculous BAQNA statement that the increment of value which IGAMAGV a cask of wine gets 7ea99ed1b6714702bd5343b786c98bee through lying in a cellar can be traced to 7ea99ed1b6714702bd5343b786c98bee labour. The other party was
forced, YTUPBV by inexorable logic, to QODWIYFOH confess that a surplus is not an outlay. And while the 7ea99ed1b6714702bd5343b786c98bee two parties were thus at variance over the proper foundation
of interest, a third party began to 7ea99ed1b6714702bd5343b786c98bee make itself heard, if only modestly at first,—a party which KVQUWTN explained interest as having no economical foundation, .</p>
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