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24. Smith's error on Labour as a Standard of Value

25. Exchangeability the sole essence of Wealth and Value

32

CHAPTER XII.

ON PROFITS.

§ 1. Definition of PROFIT and RATE OF PROFIT

Erroneous definition of Rate of Profit by Economists

2. Ricardo's error on Rate of Profit.

3. Erroneous doctrine of McCulloch on Rate of Profit

4. Error of Malthus on Rate of Profit

5. Error of Mill on Rate of Profit

39

13.

9. Smith on Apothecaries' Profits

10. Profits in country shops.

11. Mischief of interfering with trade.

12. Bacon on trade Profits

Cabs in London and provincial towns

14. Gradual separation of employments

15. Rate of Profit may differ although Profits are equal

16. Increase of Capital reduces Prices and Profits

17. Mill controverts Smith

18. Smith right; Ricardo, McCulloch, and Mill wrong

19. Origin of demand for Banks and Paper Money

Self-contradiction of Mill

20.

21. Explanation of a difficulty raised by Say

22. Large Capitals give smaller Profits than small Capitals.

23. Smith wrongly calls Agricultural Labour the most productive

24. Senior's description of Profits inadequate

41

42

43

44

46

46

47

48

48

49

49

51

53

54

56

58

59

60

62

40. How an increase of Money affects Prices and Interest

§ 44. Rates of Interest in le petit commerce
45. Effects of change in Rate of Interest
46. Same actual Rate from opposite causes

CHAPTER XIII.

ON LABOUR, OR IMMATERIAL WEALTH, AND WAGES.

§ 1. Definition of Labour

PAGE.

96

97

98

2. Labour is a Commodity.

11. Error of confounding the Measure, with the Cause, of Value. 110

Wages

31. Similar testimony of J. B. Say

22. Erroneous doctrine on the Wages Fund

23. The true Wages Fund .

24. Credit part of the Wages Fund

25. Self-contradiction of Smith as to price of food regulating

26. Similar error of Ricardo.

27. Relation of Wages and food

28. Wages governed by the Law of Demand and Supply

29. When the price of food fell, Wages rose

30. Way of raising Wages

32. Smith on Wages

33. Error of Smith

124

126

128

129

.

37. An expensive professional education is incurred because the

139

140

41. Value is determined by the result

42. Fallacy of Ricardo regarding gold and silver.

43. Further examples .

44. Value of pictures, statues, &c.

45. Error of some Railway Companies.

46. Value may diminish as cost of production increases

47. Error that cost of production regulates Value

48. In many cases Value regulates cost of production.

49. Fallacy in which many Strikes originated

51. Strikes founded on erroneous doctrines of Economists

52. Examples of Value regulating Cost

53. On the DIVISION OF LABOUR

153

54. Error of Smith on the origin of the Division of Labour.

Instances of Division of Labour among animals

156

157

214

6. Different kinds of Transferable Property

7. Transfer of Incorporeal Property by means of INSTRUMENTS. 216