,P>T #b1 ,*APT] #ab 
,ECONOMIC ,HODGE-,PODGE 

#ahigahig 

,PEOPLE 3 

,AU?OR 3 ,B5JAM9 ,R4 ,TUCK] 

,TEXT 3 

,ECONOMIC ,HODGE-,PODGE4 

.<,LIB]TY1 ,OCTOB] #h1 #a#h#h#g4.> 

,IT WILL BE REMEMB]$ ?AT1 :5 A CORRESPOND5T ( ! ,/&>D SIGN+ ,MORRIS ASK$ ,H5RY ,GEORGE ONE OR TWO AWKW>D QUE/IONS REG>D+ 9T]E/1 & ,GEORGE TRI$ TO ANSW] HIM BY A SILLY & =C$ DI/9CTION BETWE5 9T]E/ CONSID]$ AS ! 9CREASE ( CAPITAL & 9T]E/ CONSID]$ AS PAYM5T = ! USE ( LEGAL T5D]1 ,JOHN ,F4 ,KELLY S5T TO ! ,/&>D A CRU%+ REPLY TO ,GEORGE1 :I* ! LATT] REFUS$ TO PR9T1 & :I* SUBSEQU5TLY APPE>$ 9 ,NO4 #ab ( ,LIB]TY4 ,IT MAY ALSO BE REMEMB]$ ?AT ,GEORGE'S REJECTION ( ,KELLY'S >TICLE WAS GR\ND$ ON ! FACT ?AT S9CE HIS [N REPLY TO ,MORRIS HE HAD RECEIV$ SEV]AL >TICLES ON ! 9T]E/ QUE/ION1 & ?AT HE C\LD NOT AF=D SPACE = ! CONSID]ATION ( ?IS SUBORD9ATE MATT] :ILE ! ALL-IMPORTANT L& QUE/ION WAS YET TO BE SETTL$47#f#d 8 #e7  

,I TAKE IT ?AT ! L& BATTLE HAS S9CE BE5 WON1 = 9 ! ,/&>D ( ,SEPTEMB] #c NE>LY ?REE COLUMNS--ALMO/ ! 5TIRE DEP>TM5T ( ,QU]IES & ,ANSW]S 9 ?AT ISSUE-->E GIV5 TO A DEF5SE ( 9T]E/1 9 ANSW] TO ! QUE/IONS ( TWO OR ?REE CORRESPOND5TS4 ,! >TICLE IS A LONG ELABORATION ( ! REPLY TO ,MORRIS1 ! ROOT ABSURDITY ( :I* IS R5D]$ MORE 9TANGIBLE BY A WALL ( WORDS & NO ONE W\LD KN[ FROM READ+ IT ?AT ! WRIT] HAD EV] HE>D ( ! CONSID]ATIONS :I* ,MR4 ,KELLY >RAY$ AGA9/ HIS POSITION4 ,IT IS TRUE ?AT AT ONE OR TWO PO9TS HE V]GES UPON !M1 BUT HIS WORDS >E A VIRTUAL ADMISSION ( !IR VALIDITY & H5CE A R$UCTION ( 9T]E/ TO AN UNSUB/ANTIAL =M4 ,HE SEEMS1 !RE=E1 TO HAVE WRITT5 !M )\T ?\<T ( ,MR4 ,KELLY2 =1 HAD HE REALIZ$ !IR EFFECT1 HE C\LD NOT--ASSUM+ HIS HONE/Y--HAVE PREP>$ ! >TICLE1 :I* HAS NO RAISON D'ETRE EXCEPT TO PROVE ?AT 9T]E/ IS A VITAL REALITY AP>T FROM MONEY MONOPOLY4 ,ON ! O!R H&1 ASSUM+ HIS DI%ONE/Y1 ! SUSPICION 9EVITABLY >ISES ?AT HE PURPOSELY SMO!R$ ,MR4 ,KELLY'S >TICLE 9 ORD] TO SUBSEQU5TLY JUGGLE OV] ! MATT] ) LESS EXP]T OPPON5TS4 ,UNHAPPILY ?IS SUSPICION IS NOT ALTOGE!R UNW>RANTABLE 9 VIEW ( ! TACTICS ADOPT$ BY ,GEORGE 9 HIS TREATM5T ( ! R5T QUE/ION47#f#d 8 #f7  

,! MATT] SEEMS1 TOO1 TO HAVE TAK5 ON IMPORTANCE1 AS IT IS N[ ACKN[L$G$ ?AT ! !ORY ( 9T]E/ AS PROP\ND$ BY ,MR4 ,GEORGE HAS BE5 MORE SEV]ELY & PLAUSIBLY CRITICIZ$ ?AN ANY O!R PHASE ( ! ECONOMIC PROBLEM AS HE PRES5TS IT4 ,:5 WE CONSID] ?AT ,GEORGE REG>DS IT AS AN ECONOMIC LAW ?AT 9T]E/ V>IES 9V]SELY ) SO IMPORTANT A ?+ AS R5T1 WE SEE ?AT HE CANNOT CONSI/5TLY TREAT AS UNIMPORTANT ANY PLAUSIBLE >GUM5T URG$ 9 SUPPORT ( ! !ORY ?AT 9T]E/ V>IES PR9CIPALLY1 NOT ) R5T1 BUT ) ! ECONOMIC CONDITIONS >IS+ FROM A MONOPOLY ( ! CURR5CY47#f#d 8 #g7  

,BUT1 H[EV] ! >TICLE MAY BE ACC\NT$ =1 IT IS C]TA9LY BE=E US1 & ,MR4 ,GEORGE 7?R\< HIS SUB-$ITOR1 ,L\IS ,F4 ,PO/1 = :OSE WORDS 9 ! ,QU]IES & ,ANSW]S DEP>TM5T HE MAY FAIRLY BE HELD RESPONSIBLE71 IS DISCUSS+ ! 9T]E/ QUE/ION4 ,WE WILL SEE :AT HE HAS TO SAY47#f#d 8 #h7  

,IT APPE>S ?AT ALL ! TR\BLE ( ! 5EMIES ( 9T]E/ GR[S \T ( !IR VIEW ( IT AS EXCLUSIVELY 9CID5TAL TO BORR[+ & L5D+1 :]EAS 9T]E/ ON BORR[$ CAPITAL IS ITSELF 9CID5TAL TO REAL 9T]E/1 :I* IS ! 9CREASE ?AT CAPITAL YIELDS IRRESPECTIVE ( BORR[+ & L5D+4 ,?IS 9CREASE1 ,MR4 ,GEORGE CLAIMS1 IS ! WORK ( TIME1 & FROM ?IS PREMISE HE REASONS AS FOLL[S37#f#d 8 #i7 

,! LABOR] :O HAS CAPITAL READY :5 IT IS WANT$1 & ?US1 BY SAV+ TIME 9 MAK+ IT1 9CREASES PRODUCTION1 WILL GET & \<T TO GET SOME CONSID]ATION1--HI<] WAGES1 IF Y\ *OOSE1 OR 9T]E/1 AS WE CALL IT1--JU/ AS ! SKILLFUL PR9T] :O SETS FIFTE5 HUNDR$ EMS AN H\R WILL GET MORE = AN H\R'S WORK ?AN ! LESS SKILL$ PR9T] :O SETS ONLY A ?\S&4 ,9 ! ONE CASE GREAT] P[] DUE TO SKILL1 & 9 ! O!R GREAT] P[] DUE TO CAPITAL1 PRODUCE GREAT] RESULTS 9 A GIV5 TIME2 & 9 NEI!R CASE IS ! 9CREAS$ COMP5SATION A D$UCTION FROM ! E>N+S ( O!R M547#f#d 8 #a7 
  

,TO MAKE ?IS ANALOGY A FAIR ONE IT MU/ BE ASSUM$ ?AT SKILL IS A PRODUCT ( LABOR1 ?AT IT CAN BE B\<T & SOLD1 & ?AT ITS PRICE IS SUBJECT TO ! 9FLU5CE ( COMPETITION2 O!RWISE1 IT FURNI%ES NO P>ALLEL TO CAPITAL4 ,) !SE ASSUMPTIONS ! OPPON5T ( 9T]E/ EAG]LY SEIZES UPON ! ANALOGY AS 5TIRELY FAVORABLE TO HIS [N POSITION & DE/RUCTIVE ( ,MR4 ,GEORGE'S4 ,IF ! SKILLFUL PR9T] PRODUC$ HIS SKILL & CAN SELL IT1 & IF O!R M5 CAN PRODUCE SIMIL> SKILL & SELL IT1 ! PRICE ?AT WILL BE PAID = IT WILL BE LIMIT$1 UND] FREE COMPETITION1 BY ! CO/ ( PRODUCTION1 & WILL BE> NO RELATION TO ! EXTRA FIVE HUNDR$ EMS AN H\R4 ,! CASE IS PRECISELY ! SAME ) CAPITAL4 ,:]E !RE IS FREE COMPETITION 9 ! MANUFACTURE & SALE ( SPADES1 ! PRICE ( A SPADE WILL BE GOV]N$ BY ! CO/ ( ITS PRODUCTION1 & NOT BY ! VALUE ( ! EXTRA POTATOES :I* ! SPADE WILL 5ABLE ITS PUR*AS] TO DIG4 ,SUPPOSE1 H[EV]1 ?AT ! SKILLFUL PR9T] 5JOY$ A MONOPOLY ( SKILL4 ,9 ?AT CASE1 ITS PRICE W\LD NO LONG] BE GOV]N$ BY ! CO/ ( PRODUCTION1 BUT BY ITS UTILITY TO ! PUR*AS]1 & ! MONOPOLI/ W\LD EXACT NE>LY ! :OLE ( ! EXTRA FIVE HUNDR$ EMS1 RECEIV+ :I* H\RLY HE W\LD BE ABLE TO LIVE = ! RE/ ( HIS LIFE )\T EV] PICK+ UP A TYPE4 ,SU* A MONOPOLY AS ?IS IS N[ 5JOY$ BY ! HOLD]S ( CAPITAL 9 CONSEQU5CE ( ! CURR5CY MONOPOLY1 & ?IS IS ! REASON1 & ! ONLY REASON1 :Y !Y >E ABLE TO TAX BORR[]S NE>LY UP TO ! LIMIT ( ! ADVANTAGE :I* ! LATT] D]IVE FROM HAV+ ! CAPITAL4 ,9 O!R WORDS1 9CREASE :I* IS PURELY ! WORK ( TIME BE>S A PRICE ONLY BECAUSE ( MONOPOLY4 ,ABOLI% ! MONOPOLY1 !N1 & :AT BECOMES ( ,MR4 ,GEORGE'S REAL 9T]E/ EXCEPT AS A B5EFIT 5JOY$ BY ALL CONSUM]S 9 PROPORTION TO !IR CONSUMPTION8 ,AS F> AS ! [N] ( ! CAPITAL IS CONC]N$1 IT VANI%ES AT ONCE1 & ,MR4 ,GEORGE'S WOND]FUL DI/9CTION ) IT47#f#d 8 #a#a7  

,HE TELLS US1 NEV]!LESS1 ?AT ! CAPITALI/'S %>E ( ! RESULTS ( ! 9CREAS$ P[] :I* CAPITAL GIVES ! LABOR] IS NOT A D$UCTION FROM ! E>N+S ( O!R M54 ,9DE$6 ,:AT >E ! NORMAL E>N+S ( O!R M58 ,EVID5TLY :AT !Y CAN PRODUCE ) ALL ! TOOLS & ADVANTAGES :I* !Y CAN PROCURE 9 A FREE M>KET )\T =CE OR FRAUD4 ,IF1 !N1 ! CAPITALI/1 BY ABOLI%+ ! FREE M>KET1 COMPELS O!R M5 TO PROCURE !IR TOOLS & ADVANTAGES ( HIM ON LESS FAVORABLE T]MS ?AN !Y C\LD GET BE=E1 :ILE IT MAY BE BETT] = !M TO COME TO HIS T]MS ?AN TO GO )\T ! CAPITAL1 DOES HE NOT D$UCT FROM !IR E>N+S87#f#d 8 #a#b7  

,BUT LET US HE> ,MR4 ,GEORGE FUR!R 9 REG>D TO ! GREAT VALUE ( TIME TO ! IDL]47#f#d 8 #a#c7 

,SUPPOSE A NATURAL SPR+ FREE TO ALL1 & ?AT ,HODGE C>RIES A PAIL ( WAT] FROM IT TO A PLACE :]E HE CAN BUILD A FIRE & BOIL ! WAT]4 ,HAV+ HUNG A KETTLE & P\R$ ! WAT] 9TO IT1 & >RANG$ ! FUEL & />T$ ! FIRE1 HE HAS BY HIS LABOR SET NATURAL =CES AT WORK 9 A C]TA9 DIRECTION2 & !Y >E AT WORK = HIM ALONE1 BECAUSE )\T HIS PREVI\S LABOR !Y W\LD NOT BE AT WORK 9 ?AT DIRECTION AT ALL4 ,N[ HE MAY GO TO SLEEP1 OR RUN (F & PLAY1 OR AMUSE HIMSELF 9 ANY WAY ?AT HE PLEASES2 & :5 AN H\R--A P]IOD ( TIME--%ALL HAVE ELAPS$1 HE WILL HAVE1 9/EAD ( A PAIL ( COLD WAT]1 A POT ( BOIL+ WAT]4 ,IS !RE NO DIFF]5CE 9 VALUE BETWE5 ?AT BOIL+ WAT] & ! COLD WAT] ( AN H\R BE=E8 ,W\LD HE EX*ANGE ! POT ( BOIL+ WAT] = A PAIL ( COLD WAT]1 EV5 ?\< ! COLD WAT] W]E 9 ! POT & ! FIRE />T$8 ,( C\RSE NOT1 & NO ONE W\LD EXPECT HIM TO4 ,& YET BETWE5 ! TIME :5 ! FIRE IS />T$ & ! TIME :5 ! WAT] BOILS HE DOES NO WORK4 ,TO :AT1 !N1 IS ?AT DIFF]5CE 9 VALUE DUE8 ,IS IT NOT CLE>LY DUE TO ! ELEM5T ( TIME8 ,:Y DOES ,HODGE DEM& MORE ?AN A PAIL ( COLD WAT] = ! POT ( BOIL+ WAT] IF IT IS NOT ?AT ! ULTIMATE OBJECT ( HIS ORIG9AL LABOR--! MAK+ ( TEA1 = EXAMPLE--IS NE>] COMPLETE ?AN IT WAS AN H\R BE=E1 & ?AT AN EV5 EX*ANGE ( BOIL+ WAT] = COLD WAT] W\LD DELAY HIM AN H\R1 TO :I* HE WILL NOT SUBMIT UNLESS HE IS PAID = IT8 ,& :Y IS ,PODGE WILL+ TO GIVE MORE ?AN A PAIL ( COLD WAT] = ! POT ( BOIL+ WAT]1 IF IT IS NOT ?AT IT GIVES HIM ! B5EFIT ( AN H\R'S TIME 9 PRODUCTION1 & ?US 9CREASES HIS PRODUCTIVE P[] V]Y MU* AS GREAT] SKILL W\LD8 ,& IF ,PODGE GIVES TO ,HODGE MORE ?AN A PAIL ( COLD WAT] = ! POT ( BOIL+ WAT]1 DOES ,PODGE LOSE ANY?+ ?AT HE HAD1 OR ,HODGE GA9 ANY?+ ?AT HE HAD NOT8 ,NO4 ,! EFFECT ( ! TRANSACTION IS A TRANSF] = CONSID]ATION ( ! ADVANTAGE 9 PO9T ( TIME ?AT ,HODGE HAD1 TO ,PODGE :O HAD IT NOT1 AS IF A SKILLFUL COMPOSITOR %\LD1 IF HE C\LD1 SELL HIS SKILL TO A LESS SKILLFUL MEMB] ( ! CRAFT47#f#d 8 #a#d7 
  

,WE WILL LOOK A LITTLE 9TO ?IS ECONOMIC ,HODGE-,PODGE47#f#d 8 #a#e7  

,! ILLU/RATION IS VITIAT$ FROM BEG9N+ TO 5D BY ! NEGLECT ( ! MO/ IMPORTANT QUE/ION 9VOLV$ 9 IT1--NAMELY1 :E!R ,HODGE'S IDL5ESS DUR+ ! H\R REQUIR$ = ! BOIL+ ( ! WAT] IS A MATT] ( *OICE OR ( NECESSITY4 ,IT WAS NECESS>Y TO LEAVE ?IS \T 9 ORD] TO GIVE TIME ! CR$IT ( BOIL+ ! WAT]4 ,LET US NOT LEAVE IT \T1 & SEE :AT WILL COME ( IT4 ,IF ,HODGE'S IDL5ESS IS A MATT] ( NECESSITY1 IT IS EQUIVAL5T1 FROM ! ECONOMIC /&PO9T1 TO LABOR1 & C\NTS AS LABOR 9 ! PRICE ( ! BOIL+ WAT]4 ,A /OREKEEP] MAY SP5D ONLY FIVE H\RS 9 WAIT+ ON HIS CU/OM]S1 BUT1 AS HE HAS TO SP5D ANO!R FIVE H\RS 9 WAIT+ = !M1 HE GETS PAID BY !M = T5 H\RS' LABOR4 ,HIS FIVE H\RS' IDL5ESS C\NTS AS LABOR1 BECAUSE1 TO ACCOMMODATE HIS CU/OM]S1 HE HAS TO GIVE UP :AT HE CUOLD PRODUCE 9 ?OSE FIVE H\RS IF HE C\LD LABOR 9 !M4 ,LIKEWISE1 IF ,HODGE1 :5 BOIL+ WAT] = ,PODGE1 IS OBLIG$ TO SP5D AN H\R 9 IDL5ESS1 HE WILL *>GE ,PODGE = ! H\R 9 ! PRICE :I* HE SETS ON ! BOIL+ WAT]4 ,BUT IT IS ,HODGE HIMSELF1 ?IS DISPOSITION ( HIMSELF1 & NOT ! AB/RACTION1 TIME1 ?AT GIVES ! WAT] ITS EX*ANGEABLE VALUE4 ,! AB/RACTION1 TIME1 IS AS TRULY AT WORK :5 ,HODGE IS BR++ ! WAT] FROM ! SPR+ & />T+ ! FIRE AS :5 HE IS ASLEEP WAIT+ = ! WAT] TO BOIL2 YET ,MR4 ,GEORGE W\LD NOT DREAM ( ATTRIBUT+ ! VALUE ( ! WAT] AFT] IT HAD BE5 BR\<T FROM ! SPR+ TO ! ELEM5T ( TIME4 ,HE W\LD SAY ?AT IT WAS DUE 5TIRELY TO ! LABOR ( ,HODGE4 ,PROP]LY SPEAK+1 TIME DOES NOT WORK AT ALL1 BUT1 IF ! PHRASE IS TO BE 9SI/$ ON 9 ECONOMIC DISCUSSION1 IT CAN BE ADMITT$ ONLY ) SOME SU* QUALIFICATION AS ! FOLL[+3 ,! S]VICES ( TIME >E V5AL ONLY :5 R5D]$ ?R\< HUMAN =CES2 :5 R5D]$ EXCLUSIVELY ?R\< ! =CES ( NATURE1 !Y >E GRATUIT\S47#f#d 8 #a#f7  

,?AT TIME DOES NOT GIVE ! BOIL+ WAT] ANY EX*ANGEABLE VALUE BECOMES /ILL MORE EVID5T :5 WE />T FROM ! HYPO!SIS ?AT ,HODGE'S IDL5ESS1 9/EAD ( BE+ A MATT] ( NECESSITY1 IS A MATT] ( *OICE4 ,9 ?AT CASE1 IF ,HODGE *OOSES TO BE IDLE1 & /ILL TRIES1 9 SELL+ ! BOIL+ WAT] TO ,PODGE1 TO *>GE HIM = ?IS UNNECESS>Y IDL5ESS1 ! 5T]PRIS+ ,DODGE WILL /EP UP & (F] BOIL+ WAT] TO ,PODGE AT A PRICE L[] ?AN ,HODGE'S1 KN[+ ?AT HE CAN AF=D TO DO SO BY P]=M+ SOME PRODUCTIVE LABOR :ILE WAIT+ = ! WAT] TO BOIL1 9/EAD ( LOAF+ LIKE ,HODGE4 ,! EFFECT ( ?IS WILL BE ?AT ,HODGE HIMSELF WILL GO TO WORK PRODUCTIVELY1 & !N WILL (F] ,PODGE A BETT] B>GA9 ?AN ,DODGE HAS PROPOS$1 & SO COMPETITION BETWE5 ,HODGE & ,DODGE WILL GO ON UNTIL ! PRICE ( ! BOIL+ AT] TO ,PODGE %ALL FALL TO ! VALUE ( ! LABOR EXP5D$ BY EI!R ,HODGE OR ,DODGE 9 BR++ ! WAT] FROM ! SPR+ & />T+ ! FIRE4 ,H]E1 !N1 ! EX*ANGEABLE VALUE ( ! BOIL+ WAT] :I* WAS SAID TO BE DUE TO TIME HAS DISAPPE>$1 & YET IT TAKES JU/ AS MU* TIME TO BOIL ! WAT] AS IT DID 9 ! FIR/ PLACE47#f#d 8 #a#g7  

,MR4 ,GEORGE GETS 9TO DIFFICULTY 9 DISCUSS+ ?IS QUE/ION ( ! 9REASE ( CAPITAL SIMPLY BECAUSE HE CONT9UALLY LOSES SI<T ( ! FACT ?AT COMPETITION L[]S PRICES TO ! CO/ ( PRODUCTION & !REBY DI/RIBUTES ?IS SO-CALL$ PRODUCT ( CAPITAL AMONG ! :OLE PEOPLE4 ,HE DOES NOT SEE ?AT CAPITAL 9 ! H&S ( LABOR IS BUT ! UTILIZATION ( A NATURAL =CE OR OPPORTUNITY1 JU/ AS L& IS 9 ! H&S ( LABOR1 & ?AT IT IS AS PROP] 9 ! ONE CASE AS 9 ! O!R ?AT ! B5EFITS ( SU* UTILIZATION ( NATURAL =CES %\LD BE 5JOY$ BY ! :OLE BODY ( CONSUM]S47#f#d 8 #a#h7  

,MR4 ,GEORGE TRULY SAYS ?AT R5T IS ! PRICE ( MONOPOLY4 ,SUPPOSE1 N[1 ?AT SOME ONE %\LD ANSW] HIM ?US3 ,Y\ MISCONCEIVE2 Y\ CLE>LY HAVE LEAS+ EXCLUSIVELY 9 M9D1 & SUPPOSE AN UNE>N$ BONUS = A LEASE1 :]EAS R5T ( LEAS$ L& IS M]ELY 9CID5TAL TO REAL R5T1 :I* IS ! SUP]IORITY 9 LOCATION OR F]TILITY ( ONE PIECE ( L& OV] ANO!R1 IRRESPECTIVE ( LEAS+4 ,MR4 ,GEORGE W\LD LAU< AT SU* AN >GUM5T IF (F]$ 9 JU/IFICATION ( ! RECEIPT & 5JOYM5T ( UNE>N$ 9CREM5T OR ECONOMIC R5T BY ! L&LORD4 ,BUT HE HIMSELF MAKES AN EQUALLY RIDICUL\S & PRECISELY P>ALLEL >GUM5T 9 DEF5SE ( ! USUR] :5 HE SAYS1 9 ANSW] TO ?OSE :O ASS]T ?AT 9T]E/ IS ! PRICE ( MONOPOLY3 ,Y\ MISCONCEIVE2 Y\ CLE>LY HAVE BORR[+ & L5D+ EXCLUSIVELY 9 M9D1 & SUPPOSE AN UNE>N$ BONUS = A LOAN1 :]EAS 9T]E/ ON BORR[$ CAPITAL IS M]ELY 9CID5TAL TO REAL 9T]E/1 :I* IS ! 9CREASE ?AT CAPITAL YIELDS1 IRRESPECTIVE ( BORR[+ & L5D+47#f#d 8 #a#i7  

,! TRU? 9 BO? CASES IS JU/ ?IS1--?AT NATURE FURNI%ES MAN IMM5SE =CES ) :I* TO WORK 9 ! %APE ( L& & CAPITAL1 ?AT 9 A /ATE ( FRE$OM ?OSE =CES B5EFIT EA* 9DIVIDUAL TO ! EXT5T ?AT HE AVAILS HIMSELF ( !M1 & ?AT ANY MAN OR CLASS GETT+ A MONOPOLY ( EI!R OR BO? WILL PUT ALL O!R M5 9 SUBJECTION & LIVE 9 LUXURY ON ! PRODUCTS ( !IR LABOR4 ,BUT TO JU/IFY ! MONOPOLY ( EI!R ( !SE =CES BY ! EXI/5CE ( ! =CE ITSELF1 OR TO >GUE ?AT )\T A MONOPOLY ( IT ANY 9DIVIDUAL C\LD GET AN 9COME BY L5D+ IT 9/EAD ( BY WORK+ ) IT1 IS EQUALLY ABSURD :E!R ! >GUM5T BE RESORT$ TO 9 ! CASE ( L& OR 9 ! CASE ( CAPITAL1 9 ! CASE ( R5T OR 9 ! CASE ( 9T]E/4 ,IF ANY ONE *OOSES TO CALL ! ADVANTAGES ( !SE =CES TO MANK9D R5T 9 ONE CASE & 9T]E/ 9 ! O!R1 ,I DO NOT KN[ ?AT !RE IS ANY S]I\S OBJECTION TO HIS DO+ SO1 PROVID$ HE WILL REMEMB] ?AT 9 PRACTICAL ECONOMIC DISCUSSION R5T /&S = ! ABSORPTION ( ! ADVANTAGES ( L& BY ! L&LORD1 & 9T]E/ = ! ABSORPTION ( ! ADVANTAGES ( CAPITAL BY ! USUR]47#f#d 8 #b7  

,! REMA9D] ( ,MR4 ,GEORGE'S >TICLE RE/S 5TIRELY UPON ! TIME >GUM5T4 ,SEV]AL NEW ,HODGE-,PODGE COMB9ATIONS >E SUPPOS$ BY WAY ( ILLU/RATION1 BUT 9 NONE ( !M IS !RE ANY ATTEMPT TO JU/IFY 9T]E/ EXCEPT AS A REW>D ( TIME4 ,! 9H]5T ABSURDITY ( ?IS JU/IFICATION HAV+ BE5 DEMON/RAT$ ABOVE1 ALL ?AT IS BAS$ UPON IT FALLS ) IT4 ,! SUP]/RUCTURE IS A LOGICAL RU92 IT REMA9S ONLY TO CLE> AWAY ! DEBRIS47#f#d 8 #b#a7  

,HODGE'S BOIL+ WAT] IS MADE A TYPE ( ALL ?OSE PRODUCTS ( LABOR :I* AFT]W>DS 9CREASE 9 UTILITY PURELY BY NATURAL =CES1 SU* AS CATTLE1 CORN1 ETC42 & IT MAY BE ADMITT$ ?AT1 IF TIME W\LD ADD EX*ANGEABLE VALUE TO ! WAT] :ILE BOIL+1 IT W\LD DO ! SAME TO CORN :ILE GR[+1 & CATTLE :ILE MULTIPLY+4 ,BUT ?AT IT W\LD DO SO UND] FRE$OM HAS ALREADY BE5 DISPROV$4 ,/>T+ FROM ?IS1 H[EV]1 AN ATTEMPT IS MADE TO F9D 9 IT AN EXCUSE = 9T]E/ ON PRODUCTS :I* DO NOT IMPROVE EXCEPT AS LABOR IS APPLI$ TO !M1 & EV5 ON MONEY ITSELF4 ,HODGE'S GRA91 AFT] IT HAS BE5 GR[+ = A MON?1 IS WOR? MORE ?AN :5 IT WAS FIR/ S[N2 !RE=E ,PODGE1 ! %OVEL-MAK]1 :O SUPPLIES A M>KET :I* IT TAKES A MON? TO REA*1 IS 5TITL$ TO MORE PAY = HIS %OVELS AT ! 5D ( ?AT MON? ?AN HE W\LD HAVE BE5 HAD HE SOLD !M ON ! SPOT IMM$IATELY AFT] PRODUCTION2 & !RE=E ! BANK] :O DISC\NTS AT ! TIME ( PRODUCTION ! NOTE ( ,PODGE'S DI/ANT CU/OM] MATUR+ A MON? LAT]1 !REBY ADVANC+ READY MONEY TO ,PODGE1 WILL BE 5TITL$1 AT ! 5D ( ! MON?1 FROM ,PODGE'S CU/OM]1 TO ! EXTRA VALUE :I* ! MON?'S TIME IS SUPPOS$ TO HAVE ADD$ TO ! %OVELS47#f#d 8 #b#b7  

,H]E ,MR4 ,GEORGE NOT ONLY BUILDS ON A ROTT5 F\NDATION1 BUT HE MI/AKES F\NDATION = SUP]/RUCTURE4 ,9/EAD ( REASON+ FROM ,HODGE TO ! BANK] HE %\LD HAVE REASON$ FROM ! BANK] TO ,HODGE4 ,HIS FIR/ 9QUIRY %\LD HAVE BE5 H[ MU*1 9 ! ABS5CE ( A MONOPOLY 9 ! BANK+ BUS9ESS1 ! BANK] C\LD GET = DISC\NT+ = ,PODGE ! NOTE ( HIS CU/OM]2 FROM :I* HE C\LD !N HAVE ASC]TA9$ H[ MU* EXTRA PAYM5T ,PODGE C\LD GET = HIS MON?'S DELAY 9 ! %OVEL TRANSACTION1 OR ,HODGE = ! S]VICES ( TIME 9 RIP5+ HIS GRA94 ,HE W\LD !N HAVE DISCOV]$ ?AT ! BANK]1 :O 9VE/S LITTLE OR NO CAPITAL ( HIS [N1 &1 !RE=E1 L5DS NONE TO HIS CU/OM]S1 S9CE ! SECURITY :I* !Y FURNI% HIM CON/ITUTES ! CAPITAL UPON :I* HE OP]ATES1 IS =C$1 9 ! ABS5CE ( MONEY MONOPOLY1 TO R$UCE ! PRICE ( HIS S]VICES TO LABOR CO/1 :I* ! /ATI/ICS ( ! BANK+ BUS9ESS %[ TO BE MU* LESS ?AN ONE P] C5T4 ,AS ?IS FRACTION ( ONE P] C5T4 REPRES5TS SIMPLY ! BANK]'S WAGES & 9CID5TAL EXP5SES1 & IS NOT PAYM5T = ! USE ( CAPITAL1 ! ELEM5T ( 9T]E/ DISAPPE>S FROM HIS TRANSACTIONS4 ,BUT1 IF ,PODGE CAN BORR[ MONEY FROM ! BANK] )\T 9T]E/1 SO CAN ,PODGE'S CU/OM]2 !RE=E1 %\LD ,PODGE ATTEMPT TO EXACT FROM HIS CU/OM] REMUN]ATION = ! MON?'S DELAY1 ! LATT] W\LD AT ONCE BORR[ ! MONEY & PAY ,PODGE SPOT CA%4 ,FUR!RMORE ,PODGE1 KN[+ ?IS1 & BE+ ABLE TO GET READY MONEY EASILY HIMSELF1 & DESIR+1 AS A GOOD MAN ( BUS9ESS1 TO SUIT HIS CU/OM]'S CONV5I5CE1 W\LD MAKE NO SU* ATTEMPT4 ,SO ,PODGE'S 9T]E/ IS GONE AS WELL AS ! BANK]'S4 ,HODGE1 !N1 IS ! ONLY USUR] LEFT4 ,BUT IS ANY ONE SO 9NOC5T AS TO SUPPOSE ?AT ,DODGE1 OR ,LODGE1 OR ,MODGE WILL LONG CONT9UE TO PAY ,HODGE MORE = HIS GR[N GRA9 ?AN HIS S[N GRA91 AFT] ANY OR ALL ( !M CAN GET L& FREE ( R5T & MONEY FREE ( 9T]E/1 & !REBY =CE TIME TO WORK = !M AS WELL AS = ,HODGE4 ,NOBODY :O CAN GET ! S]VICES ( TIME = NO?+ WILL BE SU* A FOOL AS TO PAY ,HODGE = !M4 ,HODGE1 TOO1 MU/ SAY F>EWELL TO HIS 9T]E/ AS SOON AS ! RATE ( 9T]E/ ON MONEY FIXES ! RATE ( 9T]E/ ON ALL O!R CAPITAL ! PRODUCTION ( :I* IS SUBJECT TO COMPETITION1 & :5 ! =M] DISAPPE>S ! LATT] DISAPPE>S ) IT47#f#d 8 #b#c7  

,PRESUMABLY TO MAKE HIS READ]S ?9K ?AT HE HAS GIV5 DUE CONSID]ATION TO ! IMPORTANT PR9CIPLE JU/ ELUCIDAT$1 ,MR4 ,GEORGE ADDS1 JU/ AFT] HIS HYPO!SIS ( ! BANK]'S TRANSACTION ) ,PODGE37#f#d 8 #b#d7 

,( C\RSE !RE IS DISC\NT & DISC\NT4 ,I AM SPEAK+ ( A LEGITIMATE ECONOMIC BANK+ TRANSACTION4 ,BUT FREQU5TLY BANK DISC\NTS >E NO?+ MORE ?AN TAXATION1 DUE TO ! *OK+ UP ( FREE EX*ANGE1 9 CONSEQU5CE ( :I* AN 9/ITUTION ?AT CONTROLS ! COMMON M$IUM ( EX*ANGE CAN IMPOSE >BITR>Y CONDITIONS UPON PRODUC]S :O MU/ IMM$IATELY USE ?AT COMMON M$IUM47#f#d 8 #b#e7 
  

,! EVID5T PURPOSE ( ! WORD FREQU5TLY H]E IS TO C>RY ! IDEA ?AT1 :5 A BANK DISC\NT IS A TAX IMPOS$ BY MONOPOLY ( ! M$IUM ( EX*ANGE1 IT IS SIMPLY A SOME:AT COMMON EXCEPTION TO ! G5]AL RULE ( LEGITIMATE ECONOMIC BANK+ TRANSACTIONS4 ,= IT IS NECESS>Y TO HAVE SU* A G5]AL RULE 9 ORD] TO SU/A9 ! !ORY ( 9T]E/ ON CAPITAL AS A REW>D ( TIME4 ,! EXACT CONTR>Y1 H[EV]1 IS ! TRU?4 ,:]E MONEY MONOPOLY EXI/S1 IT IS ! RULE ?AT BANK DISC\NTS >E TAXES IMPOS$ BY IT1 & :51 9 CONSEQU5CE ( PECULI> & ABNORMAL CIRCUM/ANCES1 DISC\NT IS NOT 9 ! NATURE ( A TAX1 IT IS A R>E EXCEPTION4 ,! ABOLITION ( MONEY MONOPOLY W\LD WIPE \T DISC\NT AS A TAX &1 BY ADD+ TO ! /EAD9ESS ( ! M>KET1 MAKE ! CASES :]E IT IS NOT A TAX EV5 FEW] ?AN N[4 ,9/EAD ( LEGITIMATE1 !RE=E1 ! BANK]'S TRANSACTION ) ,PODGE1 BE+ EXCEPTIONAL 9 A FREE MONEY M>KET & A TAX ( ! ORD9>Y DISC\NT TYPE 9 A RE/RICT$ MONEY M>KET1 IS ILLEGITIMATE IF CIT$ 9 DEF5SE ( 9T]E/ AS A NORMAL ECONOMIC FACTOR47#f#d 8 #b#f7  

,9 ! CONCLUSION ( HIS >TICLE ,MR4 ,GEORGE /RIVES TO %[ ?AT 9T]E/ W\LD NOT 5ABLE ITS B5EFICI>IES TO LIVE BY ! LABOR ( O!RS4 ,BUT HE ONLY SUCCE$S 9 %[+1 ?\< 9 A V]Y OBSCURE1 9DEF9ITE1 & 9TANGIBLE FA%ION1--SEEM+LY AFRAID TO SQU>ELY 5UNCIATE IT AS A PROPOSITION1--?AT :]E !RE IS NO MONOPOLY !RE WILL BE LITTLE OR NO 9T]E/4 ,:I* IS PRECISELY \R CONT5TION4 ,BUT :Y1 !N1 HIS LONG >TICLE8 ,IF 9T]E/ WILL DISAPPE> ) MONOPOLY1 :AT WILL BECOME ( ,HODGE'S REW>D = HIS TIME8 ,IF1 ON ! O!R H&1 ,HODGE IS TO BE REW>D$ = HIS M]E TIME1 :AT WILL REW>D HIM SAVE ,PODGE'S LABOR8 ,!RE IS NO ESCAPE FROM ?IS DILEMMA4 ,! PROPOSITION ?AT ! MAN :O = TIME SP5T 9 IDL5ESS RECEIVES ! PRODUCT ( TIME EMPLOY$ 9 LABOR IS A P>ASITE UP ON ! BODY 9DU/RIAL IS ONE :I* AN EXP]T NECROMANC] LIKE ,MR4 ,GEORGE MAY JUGGLE ) BE=E AN AUDI5CE ( GAP+ ,HODGES & ,PODGES1 BUT CAN NEV] SUCCESSFULLY DISPUTE ) M5 :O UND]/& ! RUDIM5TS ( POLITICAL ECONOMY47#f#d 8 #b#g7 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
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