[38205] in Discussion of MIT-community interests
Oil Change Options... to Fit any budget- Print Coupon now.
daemon@ATHENA.MIT.EDU (Winter Savings)
Thu Mar 26 14:39:39 2015
To: <mit-talk-mtg@charon.mit.edu>
From: "Winter Savings" <WinterSavings@honorange.eu>
Date: Thu, 26 Mar 2015 11:39:33 -0700
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<a target="" href="http://www.honorange.eu/l/lt1DV9264K193TP/198FJ960F49714RC12U116285397UD3520839338" id="subj"> Oil Change Options... to Fit any budget- Print Coupon now. </a>
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Amid this restless and barren surging of opinions came Senior, proclaiming a new KNUS principle of interest, viz. that interest is a reward for the </p>
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<p align="center">capitalist's Abstinence. Isolated statements expressing the same idea had indeed appeared frequently before Senior's time. We may see it foreshadowed in the often recurring KAHYHQMT
observation of Adam Smith and 7ea99ed1b6714702bd5343b786c98bee Ricardo that the capitalist must receive interest, because otherwise he would have no motive for the accumulation
and preservation of capital; as also in the nice opposition of "future profit" to "present enjoyment" in another part of Adam Smith's writings.4 NGGTEVBF </p>
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<p align="center" style="font: 10px;">More distinct agreement is shown by Nebenius in Germany and Scrope in England. Nebenius LKSDP found the explanation of the exchange value of the services of
capital, WXQQVS among other DLNV 7ea99ed1b6714702bd5343b786c98bee things, in XQFW this, that capitals are only got through more or less painful privations or exertions, and that men can only be
induced to undergo these by getting a<i>corresponding 7ea99ed1b6714702bd5343b786c98bee advantage. But he does not discuss the idea any further, and shows [none]</i>himself in the main an </p>
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<p>adherent of a Use theory 7ea99ed1b6714702bd5343b786c98bee which shades into the Productivity theory.5 Scrope puts the same idea still more directly.6 After having 7ea99ed1b6714702bd5343b786c98bee explained
that, over and above the replacement of the capital consumed in XXLSL production, there must remain to the capitalist some surplus, because it would not be
worth his while to spend his capital productively if he were to RBIVX gain nothing by it, he explicitly declares (p. 146): "The profit obtained by the
owner of capital from its productive employment is to be viewed in the light 7ea99ed1b6714702bd5343b786c98bee of a compensation to him for abstaining for a time from the
consumption of that portion of his property JDL in personal gratification." In what follows it must be confessed that he treats the idea as if it was
peculiarly "time" that was the object of the capitalist's sacrifice; argues in a lively way against M'Culloch and James Mill, who had declared "time" TYQLVQF
to be only a word, an empty sound, which could do nothing, and was nothing; and does not even hesitate to declare that time is a constituent part of 7ea99ed1b6714702bd5343b786c98bee
the his of production: "the 7ea99ed1b6714702bd5343b786c98bee hi of producing any article comprehends (1) the labour, capital, and time required to create and bring it to market" </p>
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<p>(p. 188),—a strange falling off, which 7ea99ed1b6714702bd5343b786c98bee scarcely need 7ea99ed1b6714702bd5343b786c98bee be seriously discussed. Now this same idea, which OMAR his predecessors merely touched on, Senior has
made the centre of a well-constructed theory of interest: and whatever we may APPXG think of the correctness of its conclusions, we cannot deny it this
hi that, among the confused theories of that time, it was remarkable for its systematic grasp, its consistent logic, and 7ea99ed1b6714702bd5343b786c98bee the thorough manner in </p>
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<p align="center" style="font: 9px;">which it puts its materials to the best advantage. An epitome of the doctrine will confirm this judgment. 7ea99ed1b6714702bd5343b786c98bee Senior distinguishes between two "primary" instruments of production,
labour 7ea99ed1b6714702bd5343b786c98bee and natural agents. But these cannot attain to complete efficiency if they are not supported by a third element. This third element Senior
calls Abstinence, by which he means "the conduct of a person who either abstains from the unproductive use of what he can command, or designedly VWFTIAIAD .</p>
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