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Tue Mar 3 11:17:28 2015
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<p align="left">and interest have been higher in the United States than in England, 818cce6243dbb67e94b1e7232404c0e3 in the Pacific than in the Atlantic States. Is it not a notorious fact that where
labor flows for higher wages, capital also flows for higher interest? Is it not true that wherever there has been a general rise or fall in wages there 818cce6243dbb67e94b1e7232404c0e3
has been at the 818cce6243dbb67e94b1e7232404c0e3 same time a similar rise or fall in interest? In California, for instance, when wages were higher than anywhere else in the
world, so also 818cce6243dbb67e94b1e7232404c0e3 was interest higher. Wages and interest have in California gone<B>down together. When common wages were 65 a day, the ordinary 818cce6243dbb67e94b1e7232404c0e3 bank rate</B>
of interest 818cce6243dbb67e94b1e7232404c0e3 was twenty-four per cent. per annum. Now that common wages are 62 or 62.50 a day, the 818cce6243dbb67e94b1e7232404c0e3 ordinary bank rate is from ten to twelve per cent. </p>
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<p>Now, this SLR broad, general fact, that wages are higher<i>in new countries, where capital is relatively scarce, than in old countries, where</i>capital is
relatively abundant, is too glaring to be ignored. And<U>AQLBNNHS although very lightly touched upon, it</U>is noticed by the expounders of the current
political economy. The manner in which it is DQIQQPAEK noticed proves what I say, that it is utterly inconsistent with the accepted theory of wages. For in
explaining it such writers<b>as Mill, Fawcett, and Price virtually give up the theory 818cce6243dbb67e94b1e7232404c0e3</b>of wages upon 818cce6243dbb67e94b1e7232404c0e3 which, in the same treatises, they formally
insist. Though 818cce6243dbb67e94b1e7232404c0e3 RDJD they declare<u>that wages are fixed by the ratio between capital and</u>laborers, they explain the higher wages and interest of new
countries by the greater relative production of 818cce6243dbb67e94b1e7232404c0e3 wealth. I shall hereafter show that this XIVLND is VGQOG 818cce6243dbb67e94b1e7232404c0e3 not the fact, but that, on the contrary, the production
of wealth is relatively larger in old and densely populated countries than in new and sparsely populated countries. But at present I merely wish to ICHXPQQU
point out the inconsistency. For to say that the higher wages of new countries 818cce6243dbb67e94b1e7232404c0e3 are due to 818cce6243dbb67e94b1e7232404c0e3 greater proportionate production, is clearly to make </p>
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<p align="right" style="font: 14px;">the ratio with production, and not the ratio with capital, the determinator of wages. though this inconsistency does not seem to have been perceived by the clhi JYOAQ
of writers to whom I refer, it has been noticed by one of the most logical of the expounders of the current political economy. Professor 818cce6243dbb67e94b1e7232404c0e3
Cairnes* endeavors in a very ingenious way to reconcile the fact with the theory, by hiuming that in new countries, where industry is generally OFBGKNLI
directed to the production 818cce6243dbb67e94b1e7232404c0e3 of food and what in manufactures is called 818cce6243dbb67e94b1e7232404c0e3 raw material, a much larger proportion of the capital used in production is
devoted to the hi of wages than in older countries where a greater part must be expended in machinery and material, and thus, 818cce6243dbb67e94b1e7232404c0e3 818cce6243dbb67e94b1e7232404c0e3 818cce6243dbb67e94b1e7232404c0e3 in the new
country, though capital is XKTLNS scarcer, and interest is higher, the amount determined to the hi of wages is really larger, TFJB and wages are also
higher. For instance, of 6100,000 devoted<I>in an old country to manufactures,</I>680,000 would probably be expended for buildings, machinery 818cce6243dbb67e94b1e7232404c0e3
and the purchase of materials, leaving but 620,000 to be paid out in wages; whereas in a new country, of 630,000 devoted to agriculture, etc., not more 818cce6243dbb67e94b1e7232404c0e3
than 65,000 818cce6243dbb67e94b1e7232404c0e3 would be required for tools, etc., leaving 625,000 to be distributed in wages. In this way it is explained that the wage PLK fund may NDEGB be .</p>
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