These letters, addressed to Frederic Bastiat, an economist, originally appeared in a debate published in The Voice of the People, in 1849. Interest and Principal A Loan is a Service On the one hand, it is very true, as you have unquestionably established, that a loan is a service. And as every service has a value, and, in consequence, is entitled by its nature to a reward, it follows that a loan ought to have its price, or, to use the technical phrase, ought to bear interest. But it is also true, and this truth is consistent with the preceding one, that he who tends, under the ordinary conditions of the professional lender, does not deprive himself, as you phrase it, of the capital which be lends. He lends it, on the contrary, precisely bec... (From : Anarchy Archives.)
FOREWORD France has exhausted the principles that once sustained it. Its conscience is empty, just like its reason. All the famous writers that it has produced in the last half-century,—the de Maisters, the Chateaubriands, the Lamennais, the de Bonalds, the Cousins, the Guizots, the Lamartines, the Saint-Simons, the Michelets, Catholics, eclectics, economists, socialists, and members of parliament,—have not ceased to predict that moral collapse which, thanks to God's mercy, man's foolishness, and the necessity of things, has finally arrived. The philosophers of Germany have echoed the prophets of France, as finally the destiny of our homeland has become common to all the old world; for it is written that as French society is, so... (From : Anarchy Archives.)
Proudhon, Pierre Joseph. System of Economical Contradictions: or, the Philosophy of Misery Electronic Text Center, University of Virginia Library Chapter 2 CHAPTER II. OF VALUE. 1. -- Opposition of value in USE and value in EXCHANGE. Value is the corner-stone of the economic edifice. The divine artist who has entrusted us with the continuation of his work has explained himself on this point to no one; but the few indications given may serve as a basis of conjecture. Value, in fact, presents two faces: one, which the economists call value in use, or intrinsic value; another, value in exchange, or of opinion. The effects which are produced by value under this double aspect, and which are very irregular so long as it is not established, -- or, to use a more philosophical expression, so long as it is not constituted, -- are changed...