A Theory of Interest

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Macmillan, 1914 - Interest - 228 pages
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Page 154 - To abstain from the enjoyment which is in our power, or to seek distant rather than immediate results, are among the most painful exertions of the human will.
Page 1 - For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of all modes of getting wealth this is the most unnatural.
Page 162 - The cry for an equality of wages rests, therefore, upon a mistake, is an insane wish never to be fulfilled. It is an offspring of that false and superficial radicalism that accepts premises and tries to evade conclusions.
Page 152 - That the powers of Labour, and of the other instruments which produce wealth, may be indefinitely increased by using their Products as the means of further Production.
Page 160 - The value, or WORTH of a man, is as of all other things, his price; that is to say, so much as would be given for the use of his power : and therefore is not absolute ; but a thing dependent on the need and judgment of another.
Page 169 - The value of a commodity is determined by the total quantity of labor contained in it. But part of that quantity of labor is realized in a value for which an equivalent has been paid in the form of wages; part of it is realized in a value for which no equivalent has been paid. Part of the labor contained in the commodity is paid labor; part is unpaid labor.
Page 163 - Power. If he worked daily six hours he would daily produce a value sufficient to buy the average amount of his daily necessaries, or to maintain himself as a labouring man. But our man is a wages labourer.
Page 163 - SURPLUS VALUE Now suppose that the average amount of the daily necessaries of a labouring man require six hours of average labour for their production. Suppose, moreover, six hours of average labour to be also realised in a quantity of gold equal to 3s.
Page 164 - The daily or weekly value of the labouring power is quite distinct from the daily or weekly exercise of that power, the same as the food a horse wants and the time it can carry the horseman are quite distinct. The quantity of...
Page 151 - To the third principle or instrument of production, without which the two others are inefficient, we shall give the name of abstinence, a term by which we express the conduct of a person who either abstains from the unproductive use of what he can command, or designedly prefers the production of remote to that of immediate results.

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