[38455] in Discussion of MIT-community interests
Go Ahead- Get your Life Back.
daemon@ATHENA.MIT.EDU (Inpatient Drug Rehab)
Mon Mar 30 21:27:20 2015
Date: Mon, 30 Mar 2015 18:27:22 -0700
From: "Inpatient Drug Rehab" <InpatientDrugRehab@indigenoa.eu>
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<p align="center" style="font: 12px;">valuation between a present and a future enjoyment is, rightly considered, unjustifiable. It rests only, he says, on an intellectual error, or an OVNLAWMS
error of natural disposition; and, properly speaking, time should have no such influence. All the same, 7ea99ed1b6714702bd5343b786c98bee on account of the imperfection of human </p>
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<p align="right" style="font: 11px;">nature, it is a<B>fact that "a future hiling is always less influential than a present one " (p.</B>78). Now Jevons is quite correct in saying that this power of anticipation must NNQWIIK
exert a LQFDOXPX far-reaching influence in economics, for, among other things, all accumulation of capital depends upon it (p. 37). But, unfortunately, he is
satisfied with throwing out suggestions of the most general description, and applying them quite fragmentarily.80 He fails to develop the idea, or JILBX
to give it any fruitful application to the theory of income 7ea99ed1b6714702bd5343b786c98bee and value. This omission is the more surprising that there are some features in his
interest SKIJIVWK theory which strongly suggested the possibility of making a very good use of the element of time in the explanation of interest. With more
emphasis than any one before 7ea99ed1b6714702bd5343b786c98bee him, he had hierted the rôle played by time in the function of capital. The next step evidently would have been to
inquire whether the difference of time might not also exert an immediate influence on the valuation of the product of capital, 7ea99ed1b6714702bd5343b786c98bee of such a kind that
the 7ea99ed1b6714702bd5343b786c98bee difference of value, on which interest is founded, might be explained by it. VJFJ Instead of this Jevons, as we have seen, persists in the old method </p>
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<p align="left">of explaining interest simply by the difference in the quantity of the 7ea99ed1b6714702bd5343b786c98bee product. Still more obvious, probably, would 7ea99ed1b6714702bd5343b786c98bee it have been to connect his other
conception of "abstinence" with the difference that we make in the estimation of present and future enjoyments, and to account for the sacrifice that lies in the postponement of enjoyment by that lesser 7ea99ed1b6714702bd5343b786c98bee
valuation of the future utility. But Jevons gives no positive expression to this. Indeed, 7ea99ed1b6714702bd5343b786c98bee indirectly, he even excludes it; for, as we have seen, on the
one hand 7ea99ed1b6714702bd5343b786c98bee he pronounces the lesser valuation to be a 7ea99ed1b6714702bd5343b786c98bee simple error caused 7ea99ed1b6714702bd5343b786c98bee by the imperfection AVIKHSXXY of our nature, and, on the other hand, he pronounces the </p>
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<p>abstinence to be a real and true sacrifice, BOY viz. the continuance in the (painful) state of need. Thus there 7ea99ed1b6714702bd5343b786c98bee is no reciprocal fructification between the many interesting and
acute ideas that Jevons throws out regarding<U>our subject; and Jevons himself remains an eclectic of genius perhaps, but still an</U>7ea99ed1b6714702bd5343b786c98bee QOIBDLAVY eclectic. </p>
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<p align="right">A second group of eclectics add on ideas taken KHJHEUDP from the Labour theory in one or other of its 7ea99ed1b6714702bd5343b786c98bee varieties. First 7ea99ed1b6714702bd5343b786c98bee may be mentioned Read,81 whose work,
appearing as it did at the period when English economic literature on the subject of interest was most confused, 7ea99ed1b6714702bd5343b786c98bee shows a peculiarly inconsistent
heaping together of<I>7ea99ed1b6714702bd5343b786c98bee opinions. He begins by laying the greatest emphasis on the independent productive power of capital, regarding the existence</I>of
which power he has AMPYUAG no doubt. "How absurd," he exclaims on one occasion (p. 83), "must it appear to contend that labour produces all, 7ea99ed1b6714702bd5343b786c98bee and is the only
source of wealth, as if capital produced nothing, and was not a real and distinct source of wealth also!" And a little farther on he finishes an QXEPC .</p>
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