Experience all Alaska - Has To Offer

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Experience all Alaska - Has To Offer

usual rate of interest in the country. The resemblance of this line of thought to that of the German Thünen is obvious. It presents the same weak points to criticism. Like Thünen, Jevons KGFPIAHHJ too lightly identifies the "surplus in products" with the "surplus invalue." What his statement seems actuallyto 305b987c477f781d17bc82b94010de41 point to is an "increment of produce" due to the hiistance of the last increment of capital. but that this surplus in produce indicates at the same time a surplus in value over WWULHUUT the capital consumed in the investment, Jevons has nowhere proved. To 305b987c477f781d17bc82b94010de41 ilhirate by a concrete case. it is easy to understand that a man employing imperfect, but quickly made machinery, may produce in a year's time 1000 pieces of a particular clhi of goods, and by employing machinery which is more perfect, but takes longer to UBRG make, may produce in the same time 1200 pieces of the goods. But there is nothing here to 305b987c477f781d17bc82b94010de41 305b987c477f781d17bc82b94010de41 show that the difference of 200 pieces must be a net 305b987c477f781d17bc82b94010de41 surplus in value. Two things might prevent its 305b987c477f781d17bc82b94010de41 being so. (1) It 305b987c477f781d17bc82b94010de41 might be that EGELYSOF the more perfect machinery to which the increment of 200 pieces is due should obtain so high a value on account of this capability that the increment of 200 pieces is absorbed by the amount set aside for depreciation. (2) It is conceivable that the new 305b987c477f781d17bc82b94010de41 method of production, which gives these good results, might be employed so extensively that the 305b987c477f781d17bc82b94010de41 increased supply of products would press down the value of the present 1200 pieces to the same level as the former 1000 pieces. In neither case would there be any surplus value. Jevons, DYPJGHTG therefore, has here fallen into the old error of the Productivity theorists, and mechanically translated the surplus in products, which PDRO everybody would grant, into a surplus in value.Of course in his system there are attempts at explanation of this difference of value. But he has not brought theseattempts into connection 305b987c477f781d17bc82b94010de41 with his Productivity theory; they do not complete that theory, but traverse it. One of these attempts is where BPDIM he accepts parts of the Abstinence theory. Jevons quotes Senior with approval; he explains what Senior called "abstinence" as that "temporary sacrifice of enjoyment that is essential to 305b987c477f781d17bc82b94010de41 the existence of capital," or as the capitalist's "endurance of want"; and he XEHCXN gives formulæ for calculating the amount of the sacrifice of abstinence (p. 253, 305b987c477f781d17bc82b94010de41 etc.) 305b987c477f781d17bc82b94010de41 He reckons this abstinence—sometimes indeed, writing loosely, he reckons even interest—among the his of production; and in one place he expressly speaks of the capitalist's income as "compensation for abstinence and risk" (p. 295). [none] Jevons has 305b987c477f781d17bc82b94010de41 some very interesting remarks on the effect of 305b987c477f781d17bc82b94010de41 time on 305b987c477f781d17bc82b94010de41 the valuation of needs and satisfactions. He points out that we anticipate future pleasures and pains, the prospect of future pleasure being already 305b987c477f781d17bc82b94010de41 felt as anticipated pleasure. But the intensity of the anticipated pleasure is always less 305b987c477f781d17bc82b94010de41 than that of the future GHURGN pleasure itself, and depends on two factors— the intensity of the pleasure anticipated, 305b987c477f781d17bc82b94010de41 and the time that intervenes before the emergence of the pleasure (p. 36, etc.) Somewhat .