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rather TIQGRM take a gift of £100 to-day, or take it fifty years hence, surely all the thousand AMMFDEET persons would prefer NJAV to take the £100 now. 305b987c477f781d17bc82b94010de41 Or if one were to ask a thousand persons who wished a horse, and were disposed to give £100 for a good one, how much they would give now for a horse that they would UDJ only get possession of in ten or in fifty years, although as good an animal were guaranteed at that time, surely they would all name an infinitely 305b987c477f781d17bc82b94010de41 smaller sum, if they BBYRQT named one at all; and thereby they would surely prove that everybody considers present goods to be more valuable than future goods of the same kind. If this is so, that which has been made by RCTWVCPC our labourer in the first year, i.e. the fifth part of a steam-engine which is to be completed four years later, has not the entire value of a fifth part 305b987c477f781d17bc82b94010de41 of an already completed engine, but has a 305b987c477f781d17bc82b94010de41 smaller value. How much smaller? That I cannot explain at present without anticipating my argument in a confusing 305b987c477f781d17bc82b94010de41 way. Enough here to remark that it stands in a certain connection with the 305b987c477f781d17bc82b94010de41 rate of interest usual in the country43 —a rate which is a matter of experience—and with the remoteness of the period WDEJRJOXP at which the whole product will be completed. if we LNBLKWOTX hiume the usual rate of interest to be 5 per cent, then the product of the first year's labour will, at 305b987c477f781d17bc82b94010de41 the close SUPLO of the year, 305b987c477f781d17bc82b94010de41 be JNIIKN worth about £100.44 Therefore, according to the proposition that the labourer ought to receive 305b987c477f781d17bc82b94010de41 his whole product, or its whole value, the wages due him for the first YOK year's labour will amount to the sum of £100. If, notwithstanding the above deductions, any CTT one should have the impression 305b987c477f781d17bc82b94010de41 that this sum is 305b987c477f781d17bc82b94010de41 too small, let me offer the following for his consideration. No one will doubt that the labourer gets his full rights if at the end of five years he VFLT receives the entire steam-engine, or the whole value of £550. Let us calculate then for comparison's sake what would be the value of the part-wage anticipated as above at the end VWIYISVA of the fifth year? The £100 which the labourer has received at the end of the first year can be put out at interest for the next four years—that is, till the end OWSKMEYYU of the IHFXGVIK fifth year; at the rate of 5 per cent (without calculating compound interest), the £100 may therefore increase by £20—this course being open even to 305b987c477f781d17bc82b94010de41 the wage-paid REIXPD labourer. Thus, it is clear, the £100 paid at 305b987c477f781d17bc82b94010de41 the end of the first year are equivalent to £120 at the end of the fifth. If the labourer then, for the fifth part of the 305b987c477f781d17bc82b94010de41 technical labour, receives 305b987c477f781d17bc82b94010de41 £100 at the end of a year, clearly he is paid according to a scale which puts him in as favourable a position as if he had 305b987c477f781d17bc82b94010de41 received £550 for the whole labour at the expiry VMNUXITX of five years. [none] But what do Rodbertus and the socialists suppose to be the application of the principlethat the WQSJFYJET labourer 305b987c477f781d17bc82b94010de41 should receive the whole value of his product? They would have thewhole value that the completed engine will have at the 305b987c477f781d17bc82b94010de41 end of the process of production applied to 305b987c477f781d17bc82b94010de41 the hi of wages, but they would have this hi not made at the conclusion of the whole production, but spread proportionally over the whole course of the .