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The whole future product, or its whole future value, at a JXJBAEN future period of time. But it very often happens that the labourer cannot or will not wait till his product be fully completed. Ourlabourer, OHSJSQAY for instance, at the expiry of ayear, wishes to receive a part hi DYH corresponding to the time he has worked. The question is, How is this to be measured in accordance with the above proposition? I 305b987c477f781d17bc82b94010de41 do not think there can NJEP be a moment's doubt about the answer. The labourer has got his due if he now receives the whole of what he has made up till now. ELQWTR Thus, for example, if up till now he has produced a heap of brhi, iron, or steel, in the raw state, then he will receive his due if he is handed over just this entire heap of brhi, iron, 305b987c477f781d17bc82b94010de41 or steel, or the entire value which this heap of materials EIYNIIQ has, and of course the value which it has now. I do not think that any socialist whatever could have anything to object to in this conclusion. Now, how great will this value be in proportion to the value of the completed steam-engine? This is a point on which a superficial thinker may JOFXYX easily make a mistake. The point is, the labourer has up tillnow performed a fifth part of the technical work which theproduction of the whole engine 305b987c477f781d17bc82b94010de41 requires. Consequently, 305b987c477f781d17bc82b94010de41 on a superficial glance, one is tempted to infer that his present product will possess a fifth part of the value of the whole product—that is, a value of £110. On this view the labourer ought to receive a year's wage 305b987c477f781d17bc82b94010de41 of £110. 305b987c477f781d17bc82b94010de41 [none] This, however, is incorrect. £110 are 305b987c477f781d17bc82b94010de41 a fifth part of the value of a steam-engine when completed. But what the labourer has produced up till now is IRQK not a fifth part of an engine that is already completed, but only a fifth part of an engine that will not be completed till four years more have 305b987c477f781d17bc82b94010de41 elapsed. And these are two different things; not different in virtue of a sophistical quibble, but different in very fact. The 305b987c477f781d17bc82b94010de41 one-fifth part has a different value from the other so surely as, in the valuation of to-day, an entire and finished engine has a different valuefrom an engine that will only be readyfor use in four years; so surely as, generally 305b987c477f781d17bc82b94010de41 speaking, present goods have a different STL value in the present from future goods. That present goods, in the estimation of the 305b987c477f781d17bc82b94010de41 present time, in which our economical transactions take place, have a higher value than future goods of the same kind and quality, is one of the most widely known and most AJUG important BCSRBMKFW economic facts. In the second volume of this work I shall have to make thorough examination into the causes to JUGULPJSP KRXCIL which 305b987c477f781d17bc82b94010de41 VFWXOSFQW this fact owes its origin, into the many and various ways in which it shows itself, and into the no less many and various consequences to which it leads in economic AKX life; and that examination 305b987c477f781d17bc82b94010de41 will be neither so easy nor so simple as the simplicity of the fundamental thought seems to promise. But in the meantime I think I may be allowed to appeal to the fact that present goods have a higher value than similar kinds of goods in the future, as one that is 305b987c477f781d17bc82b94010de41 already put beyond dispute by the most ordinary experience of everyday life. If one were to give a thousand persons the choice whether they would OUFLHCTC .