Capital and Interest: A Critical History of Economical Theory

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Macmillan and Company, 1890 - Capital - 431 pages
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Contents

In short it explained Loan interest from Natural interest
58
CHAPTER III
61
This however is arguing in a circle Land is priced by dis
65
His principal suggestionits necessity as an inducement to
71
In the seventeenth century there is great development of theory
73
The growth of capital and the antagonism of capital and labour
75
It connects the undeniable fact that capital is productive
78
Count Soden on interest as diverted from the product of labour
82
Ricardos account
88
MCulloch finds that value is determined by labour alone
97
MLeod sees no problem considers profit selfexplanatory
103
CHAPTER I
111
Surplus Value may conceivably be explained from productive
117
CHAPTER II
120
The development after Say
126
Value is measured by socially necessary labour time
130
Criticism Division of the theory into its two forms
132
The second formthat the increased product must contain
138
CHAPTER III
142
True if there is no saving of labour there is no profit but it
148
This surplus value cannot originate in the circulation nor
150
Carey a confused and blundering writer 154155
154
Peshine Smith repeats all Careys blunders with more than
161
In which we find 1 labour assisted by capital obtaining
168
In which he confuses 1 gross use with net use 2 the cap
171
Summary interest is the difference between the minuend
172
But in actual life how does the capitalist get paid for natural
175
CHAPTER I
185
Nebeniuss eclectic suggestions
192
In production besides the sacrifices of existent wealth material
198
Hermanns views on productivity
204
Menger who represents the highest point of the Use theory
209
Thus the use of capital is contained in the loan of the capital
265
Foreshadowings of the theory in Nebenius and Scrope
271
Yet interest and sacrifice by no means invariably correspond
277
a rustic choosing to fish instead of shoot
278
Reasons for the popularity of this theory Cairnes Cherbuliez
286
The English Group
297
And if interest is explained by these painful exertions why does
303
Difference between the two illustrated by a parallel case land
309
but might be justified as a political measure of expediency
310
An inevitable consequence of the Labourvalue theory
316
and cannot buy even his own product at what it cost him
322
that goods economically considered are
328
the existence of surplus value not otherwise
336
But as Rodbertus explains it he would have the labourer
342
And that one labourer working continuously for five years pro
343
Dividing what they produce as wage as before the first receives
349
overlooks Ricardos exception of those goods which require
355
unless we suppose it effected by alteration in wage which
361
As regards 3 is there no other possible common element such
371
375376
381
And in goods that exchange is there always labour?
383
Later on Marx falls into all Rodbertuss mistakes such as claim
389
CHAPTER I
395
Jevons finding the function of capital in enabling the labourer
401
This is to identify surplus in products with surplus in value Pro
402
253
403
J S Mill includes profits among costs of production
408
Criticising Bastiats illustration he indicates that the cause
414
Looking at all this tangle of theories can we find the line
421
Next come those theories which use the external machinery of
427
254
429

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Page 378 - The real price of every thing, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.
Page 72 - As soon as stock has accumulated in the hands of particular persons, some of them will naturally employ it in setting to work industrious people, whom they will supply with materials and subsistence, in order to make a profit by the sale of their work, or by what their labour adds to the value of the materials.
Page 381 - If among a nation of hunters, for example, it usually costs twice the labour to kill a beaver which it does to kill a deer, one beaver should naturally exchange for or be worth two deer. It is natural that what is usually the produce of two days...
Page 381 - In that early and rude state of society which precedes both the accumulation of stock and the appropriation of land, the proportion between the quantities of labour necessary for acquiring different objects seems to be the only circumstance which can afford any rule for exchanging them for one another.
Page 71 - In exchanging the complete manufacture either for money, for labour, or for other goods, over and above what may be sufficient to pay the price of the materials, and the wages of the workmen, something must be given for the profits of the undertaker of the work, who hazards his stock in this adventure.
Page 73 - In this state of things, the whole produce of labour belongs to the labourer; and the quantity of labour commonly employed in acquiring or producing any commodity, is the only circumstance which can regulate the quantity of labour which it ought commonly to purchase, command, or exchange for.
Page 317 - I think it will be but a very modest computation to say that of the products of the earth useful to the life of man, nine-tenths are the effects of labour...
Page 317 - Nor is it so strange as, perhaps, before consideration, it may appear, that the property of labour should be able to overbalance the community of land, for it is labour indeed that puts the difference of value on everything; and let any one consider what the difference is between an acre of land planted with tobacco or sugar, sown with wheat or barley, and an acre of the same land lying in common without any...
Page 411 - As the wages of the labourer are the remuneration of labour, so the profits of the capitalist are properly, according to Mr. Senior's well-chosen expression, the remuneration of abstinence. They are what he gains by forbearing to consume his capital for his own uses, and allowing it to be consumed by productive labourers for their uses. For this forbearance he requires a recompense.
Page 411 - The cause of profit is, that labour produces more than is required for its support. The reason why agricultural capital yields a profit, is because human beings can grow more food, than is necessary to feed them while it is being grown...

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