The Cost of War And Ways of Reducing It Suggested By Economic Theory a Lecture
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To quickly assess the difficulty of the text, read a short excerpt:
The essence of my criticism on M'Culloch's curious computation (Taxation and Funding System, p. 423) is that he does not recognize the difference between an internal and external loan. He argues that what the tax-payer escaped paying in the 'nineties, by resort to an internal loan, remaining at his disposal, fructified at compound interest. I am not concerned to dispute this assumption. What I complain of is that he does not take into account the equal or probably greater fructification which t...he funds advanced by the sub- scribers to war loans would, if they had remained at the disposal of the subscribing capitalists, have experienced. Such cogency as the argument possesses is obtained on the assumption that the funds employed unproductively were funds borrowed from foreigners, the fructification of which does not concern us.
PAGE 15. No one has more clearly than Dr. Henry Adams stated the important fact that 'the injury sustained on account 36 THE COST OF WAR of a [an internal] loan for war purposes is sustained at the time when the loan was contracted * (Public Debts, p.
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You can find similar books in the "Read Also" column, or choose other free books by Francis Ysidro Edgeworth to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The essence of my criticism on M'Culloch's curious computation (Taxation and Funding System, p. 423) is that he does not recognize the difference between an internal and external loan. He argues that what the tax-payer escaped paying in the 'nineties, by resort to an internal loan, remaining at his disposal, fructified at compound interest. I am not concerned to dispute this assumption. What I complain of is that he does not take into account the equal or probably greater fructification which t...he funds advanced by the sub- scribers to war loans would, if they had remained at the disposal of the subscribing capitalists, have experienced. Such cogency as the argument possesses is obtained on the assumption that the funds employed unproductively were funds borrowed from foreigners, the fructification of which does not concern us.
PAGE 15. No one has more clearly than Dr. Henry Adams stated the important fact that 'the injury sustained on account 36 THE COST OF WAR of a [an internal] loan for war purposes is sustained at the time when the loan was contracted * (Public Debts, p.
What to read after The Cost of War And Ways of Reducing It Suggested By Economic Theory a Lecture?
You can find similar books in the "Read Also" column, or choose other free books by Francis Ysidro Edgeworth to read onlineMoreLess
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