Labor, Capital and Money: Their Just Relations |
Other editions - View all
Labor, Capital and Money: Their Just Relations (Classic Reprint) Cyrus C. Camp No preview available - 2018 |
Common terms and phrases
absorb Adam Smith says amount average increase borrow bullion capi capital stored cent chapter coin common compelled condition confound contraction cost crease demand dollars duce duct duction economic rent economists employed equal to interest exchange existing fact factor of distribution factors of production farm George goes gold and silver gold or silver increase of wealth indestructible powers interest and profit interest on money John Stuart Mill justice labor and capital law of competition law of rent loan manufacturer margin ment middle men Mill money and capital nation natural powers necessity nomic owner paid payment plow political economy portion poverty product of labor profit and interest Progress and Poverty purchase quantity of money railroad raw products represent result revenue Ricardo society sophisms square mile store capital stored by money supply surplus terest theory things tion wages and profit writers
Popular passages
Page 79 - Rent is that portion of the produce of the earth, which is paid to the landlord for the use of the original and indestructible powers of the soil.
Page 80 - ... commodity which was then standing on the land, and that he actually repaid himself with a profit by the sale of the timber? If, indeed, after the timber was removed, any compensation were paid to the landlord for the use of the land, for the purpose of growing timber or any other produce, with a view to future demand, such compensation might justly be called rent, because it would be paid for the productive powers of the land; but in the case stated by Adam Smith, the compensation was paid for...
Page 11 - Capital is that part of the wealth of a country which is employed in production, and consists of food, clothing, tools, raw materials, machinery, etc., necessary to give effect to labor."— Principles of Political Economy, Chapter V.
Page 132 - It becomes gradually more and more difficult to find within the country a profitable method of employing any new capital. There arises in consequence a competition between different capitals, the owner of one endeavouring to get possession of that employment which is occupied by another. But upon most occasions he can hope to justle that other out of this employment, by no other means but by dealing upon more reasonable terms.
Page 80 - Adam Smith sometimes speaks of rent in the strict sense to which I am desirous of confining it, but more often in the popular sense in which the term is usually employed. He tells us that the demand for timber, and its consequent high price, in the more southern countries of Europe caused a rent to be paid for forests in Norway which could before afford no rent.
Page 80 - ... properly drained and manured, and advantageously divided by hedges, fences, and walls, while the other had none of these advantages, more remuneration would naturally be paid for the use of one than for the use of the other; yet in both cases this remuneration would be called rent.
Page 132 - As capitals increase in any country, the profits which can be made by employing them necessarily diminish.
Page 48 - Credit has a great, but not, as many people seem to suppose, a magical power ; it cannot make something out of nothing. How often is an extension of credit talked of as equivalent to a creation of capital, or as if credit actually were capital. It seems strange that there should be any need to point out, that credit being only permission to use the capital of another person, the means of production cannot be increased by it, but only transferred.
Page 19 - It is a very valuable part of the capital of the country, which produces nothing to the country. The judicious operations of banking...
Page 45 - Even in the monied interest, however, the money is, as it were, but the deed of assignment, which conveys from one hand to another those capitals which the owners do not care to employ themselves. Those capitals may be greater, in almost any proportion, than the amount of the money which serves as the instrument of their conveyance ; the same pieces of money successively serving for many different loans, as well as for many different purchases. A, for example, lends to W a£lOOO, with' which W immediately...