In the London Economist of the 15th April, 1848, the same cry was again raised by James Wilson, an economical mandarin of high standing: this time in opposition to the 10 hours' bill.
section 4.—surplus produce.
The portion of the product that represents the surplus-value, (one-tenth of the 20 lbs., or 2 lbs. of yarn, in the example given in Sec. 2,) we call "surplus-produce." Just as the rate of surplus-value is determined by its relation, not to the sum total of the capital, but to its variable part; in like manner, the relative quantity of surplus-produce is determined by the ratio that this produce bears, not to the remaining part of the total product, but to that part of it in which is incorporated the necessary labour. Since the production of surplus-value is the chief end and aim of capitalist production, it is clear, that the greatness of a man's or a nation's wealth should be measured, not by the absolute quantity produced, but by the relative magnitude of the surplus-produce.[1]
The sum of the necessary labour and the surplus-labour, i.e., of the periods of time during which the workman replaces the
- ↑ "To an individual with a capital of £20,000, whose profits were £2,000 per annum, it would be a matter quite indifferent whether his capital would employ a 100 or 1,000 men, whether the commodity produced sold for £10,000 or £20,000, provided, in all cases, his profit were not diminished below £2,000. Is not the real interest of the nation similar? Provided its net real income, its rent and profits, be the same, it is of no importance whether the nation consists of 10 or of 12 millions of inhabitants." (Ric. l. c., p. 416.) Long before Ricardo, Arthur Young, a fanatical upholder of surplus produce, for the rest, a rambling uncritical writer, whose reputation is in the inverse ratio of his merit, says, "Of what use, in a modern kingdom, would be a whole province thus divided, [in the old Roman manner, by small independent peasants], however well cultivated, except for the mere purpose of breeding men, which taken singly is a most useless purpose?" (Arthur Young: Political Arithmetic, &c. London, 1774, p. 47.)Very curious is "the strong inclination … to represent net wealth as beneficial to the labouring class … though it is evidently not on account of being net." (Th. Hopkins, On Rent of Land, &c. London, 1823, p. 126.)
a single unpaid hour's work of the labourer. One year previously, in his "Outlines of Political Economy," written for the instruction of Oxford students and cultivated Philistines, he had also "discovered," in opposition to Ricardo's determination of value by labour, that profit is derived from the labour of the capitalist, and interest from his asceticism, in other words, from his "abstinence." The dodge was an old one, but the word "abstinence" was new. Herr Roscher translates it rightly by "Enthaltung." Some of his countrymen, the Browns, Jones, and Robinsons, of Germany, not so well versed in Latin as he, have, monk-like, rendered it by "Entsagung" (renunciation).
