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Updated: May 17, 2025
Another small mine in the same district is worked entirely by unskilled labor, the workers being peasants from the neighboring villages. In this mine the productivity per man is less, but all the men work full time. They do not have to waste time in securing food, because, being local peasants, they are supplied by their own villages and families.
We have shown that the agricultural developments in the Ming time greatly increased the productivity of the land. This then, obviously resulted in an increase of population. But by the middle of the eighteenth century, assuming that production doubled since the sixteenth century, population pressure was again as heavy as it had been then.
But the whole of my first chapter may be taken as a compact mass of reasons why the Russians at the present time should not work with anything like a normal productivity.
We know pretty well what we want to do, for we are dealing with an existing industry, and with known conditions. The productivity of the soil, the demand of the market, the means of transport from the one to the other, are all easily ascertainable.
Those scholastics who strove to abolish or to limit the recognition of lucrum cessans as a ground for remuneration did not deny the productivity of capital, but simply thought the money had not at that time acquired the characteristics of capital.
There was an almost feverish activity; with heavy taxation and a fluctuating currency gold was long at a premium of 250 mills and markets and stores were in full tide of operation. The North matched the South in personal courage and generalship; and greatly outweighed it in numbers, material, and in the productivity engendered in a free, urban, industrial society.
In the field of economic affairs, our objectives will be to hold down taxes, to continue controlling inflation, to promote economic growth, to increase productivity, to encourage foreign trade, to keep farm income high, to bolster small business, and to promote better labor-management relations.
But why are stocks and exchange rates volatile to start with? Why don't they follow a smooth evolutionary path in line, say, with inflation, or interest rates, or productivity, or net earnings? To start with, because economic fundamentals fluctuate sometimes as wildly as shares. The Fed has cut interest rates 11 times in the past 12 months down to 1.75 percent the lowest level in 40 years.
Will not the tax thus established be just the reverse of what it should be? Instead of land, we may suppose other instruments of production, and compare capitals of the same value, or amounts of labor of the same order, applied to branches of industry differing in productivity: the conclusion will be the same.
His reputation rests chiefly on a more superficial sort of merit his energy, his unsurpassed productivity, his being, as Theophile Gautier says, <i>le roi des fougueux</i>. These qualities are immense, but the great source of his impressiveness is that his indefatigable hand never drew a line that was not, as one may say, a moral line.
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