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Paper Mischief
It is the tendency and property of what may be called naturally
formed capital when on the encrease to lower prices in a variety
of ways in proportion to its encrease: to lower
the cost of production in respect of labour by division
of labour introduction of machinery and the like so forth
as per Adam Smith: to lower the rate of
profit in stock, to wit by competition, as again
per Adam Smith. If this artificial species beneficial
of capital as it may be called thus beneficial property
were shared in an equal degree by
this artificial species of capital as it may be called,
if it were equally well adapted to the good purpose as to the bad one,
the regret occasioned by the view of this unobserved tax, and
blameless usurpation, would be the less considerable.
Unfortunately this is not the case the mischief has not this palliative the reverse is the case. The artificial
capital the capital Thus forced this artificially fabricated
produced species of capital is particularly ill
adapted to the encrease of real wealth – to the encrease
of the efficient cause of wealth – productive industry labour.
Capital employed invested in this shape in giving birth to productive
stock must be capable of abiding by the
duration of its investment, the slowness of return
to which investment in that shape is doomed by
the nature of things. The capital thus employed in
enriching the community – the whole community
without any exception must wait according to the computation full six years
before it is returned without encrease – and several more
than twice that time years more to that before it is returned with a profitable
encrease – with such an encrease as is equal to
the ordinary rate of profit on capital embarked in trade.
Identifier: | JB/003/126/001 "JB/" can not be assigned to a declared number type with value 3.
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6 |
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003 |
manual of political economy |
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126 |
paper mischief |
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001 |
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text sheet |
1 |
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recto |
e5 |
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jeremy bentham |
<…>m 1798 |
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1798 |
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1536 |
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