Perhaps no two words in the entire expanse of economics

Any attempt at clarity of thinking must start by ensuring the use of proper words. It is said that when Winston Churchill became Prime Minister of Great Britain during the Second World War, he issued a circular that exigencies of war and critical state with which the country was faced made it of prime importance that exactitude of impression should be given high priority. In his view war could not be won without writing correct English, of which he himself took particular care. Whatever be the relationship between writing correct language and winning a war, the evolution of any science, any systematic development of thought, must become stunted by misuse of words, particularly the key ones. Perhaps no two words in the entire expanse of economics are of a more cardinal importance to the evolution of any variety of socio-economic philosophy than the words 'interest' and 'profit'. No distributional analysis or validity of any particular factor payment can be visualized, much less established or repudiated without clear demarcation between these two categories. This is in particular is the case in relation to these two words because, because most question marks in the history of economic thought have been raised in relation to interest, and with the evolution of socialist thought the doubts and dissatisfaction with distributional justice have tended to shift the target of denunciation to profit. No one can either accept or repudiate any point of view, or avoid slipping over the judgment to an area other than the one to which he may like to confine it, so long as demarcation between interest and profit is not clearly visualized and adhered to. It was for this reason that Schumpeter regards confusion between these two terms as a fundamental error. Surprisingly, capitalistic economics is as eager to confuse the two terms as is the socialistic one. Both have something which they are equally eager to hide, though for very different, even opposite reasons. Let us first see how at times, capitalistic economists misuse the word 'profit' for interest, and on occasion even the word 'interest' for profit. The trouble starts with Adam Smith himself, who rightfully distinguishes interest as a separate economic category, but also designates interest as 'profit' and the rate of interest as the 'rate of profit' and the natural rate of interest as the 'natural rate of profit'. Not only does the father of political economy confuse the two terms, but many who came after him also commit the same mistake. The story of capitalistic economy ends with the Samuelson, as competent and dependable an economist as anyone. He uses the 'profit' as many times for what it means as for the entirely different meaning of 'interest'. He closes the discussion by declaring that there is virtually no difference between profit and interest. Capitalistic economists are not alone in committing this mistake, for the position of socialist economists is no better. This common confusion in both the systems of economic thought has hurt them equally grievously, persuading capitalistic economists to justify both profit and interest and the socialist ones to reject them both without any persuasive analytical reason to herd them together. More : is the achieve card able to recieve cash advances lending 5.com Fmlyloan.Com 1440 need cash now .com Www.fundingamericaslawsuit.com 777 now payday loan las vegas american cash center JOHNLOGANFUND Get Cash in Hour. Www.paydayphone.com SANANTONIOCARINSURANCEONLINE Gtmyn.com Cash Advance Loan Illinois EARNFASTCASH.ORG www.858needcash.com Leave a comment SecuritasEPay.com Starter Loans Online Cash 1 www.176 need cash now .com Us Cash88.Com www.paydayloansaccount.com your-fast-cash Merchant Cash Advance Companies www.paydayloans555.com Www.100dayloans.com reading direct payday loan lender for ny google yescreditone PAYDAYLOANSINGEORGIABORROWER www.pcparts.com www.paydayc.com NEVADACITYTITLELOANS www.678needcash.com BBBMONEYNOWORG Cash235.com Www.hourloans.com cash for your car title ONECLICKCASH.US www1loansusacom. www.pday8.com NEEDFASTCASHADVANCE Turbo Tax Refund Anticipation Loan www.cash900.com wwwepay33com BANKDOWNLOADCOM Low Interest Payday Loans achieveloan.com 493needcash.com www fmlyloan.com www.c2un .com www.GetMe1500.com www.mongo.com www.1004needcash.com BONDBUYER Get A Loan For 2000 Dollars Loan Shop Payday Loan www.cfg99