This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1888 edition. Excerpt: ... The Earnings Of Capital. Interest is the name of the earnings of pure capital. It is expressed relatively, as a percentage of the amount of productive wealth that secures it. It has no reference to the form in which the capital is invested; a thousand dollars per annum is interest on twenty thousand, whether ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1888 edition. Excerpt: ... The Earnings Of Capital. Interest is the name of the earnings of pure capital. It is expressed relatively, as a percentage of the amount of productive wealth that secures it. It has no reference to the form in which the capital is invested; a thousand dollars per annum is interest on twenty thousand, whether that larger sum be, for the moment, invested in ships, farms or merchandise. There is need of a term that shall designate, in the same comprehensive way, the earnings of concrete capital. It should correspond to interest both in detail and in general. As interest expresses the earnings of the abstract sum that is invested in any concrete instrument of production, so the corresponding term should express, in an independent sum, the earnings of the instrument itself. As interest in general designates the total earnings of the social fund of productive wealth, so the parallel term should designate the sum total of the particular amounts earned by all of the concrete instruments that embody that fund. laborers in such a shape that they can use it in purchasing commodities. This would require some explanation of the action of currency and banks. It is not necessary in this connection to invoke the aid of a loan fund, a quantity of otherwise idle capital held in readiness for such contingencies. If such a fund were a necessity, the older economists would be right in maintaining that demand for commodities is not, without the intervention of an antecedent store of capital, a demand for labor. They would be wrong in supposing that, in actual society, such a demand could spring up without calling new labor into immediate employment, since a great loan fund is one of the facts with which positive economics has to deal. They probably did not, in...
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Seller's Description:
Good-Bumped and creased book with tears to the extremities, but not affecting the text block, may have remainder mark or previous owner's name-GOOD Standard-sized.
