By John P. Grotzinger and Noel P. James
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"Rural infrastructure is necessary to either fiscal and social improvement. Its absence thwarts development and, often, the negative are these damage the main. the aim of this paper is to function a foundation for wisdom administration on rural infrastructure. " within the Seventies, the first, if no longer the original, aim of rural infrastructure lending used to be to get rural infrastructure outfitted.
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He himself wrote of them as if they were his (and Enge1's) discovery, and indeed in the particular way he stated them they were his own. But the content of neither idea was original. He was not the first to say that profit declines as capital accumulates or to say the owners of property will, if they can, use government to increase their income. Marx did, to be sure, derive the falling rate of profit from his labor theory of value, which, so far as I know, had not been done before. The influence of property owners on government was made into the elaborate construction that he called historical materialism which, if it was original, was so in the way the reciprocal of a fraction is original, since historical materialism, by the description Marx himself gave it, stands the dialectic of Hegel on its head.
It was not, as everyone knows, written to expound this connection. It was mean to explain why the duties on grain should be reduced (though not necessarily eliminated). It is remembered for neither but for its exposition of the principle of diminishing returns and the theory of income distribution that follows. It is, in fact, interesting about all three matters. About trade and peace, Ricardo's argument is in three parts. The most important is that in a world of free, or almost free, trade the exporting countries have a very material interest in preventing war and so does the entire economy of every exporting country.
I would maintain that the above remarks do a considerable injustice to James Mill's understanding of classical economics. ) But first we should remember that in 1821, the year the first edition of the Elements went to press, James Mill was a full-time employee of the British East India Company. Is it, therefore, possible that he had John undertake this task? Let us quote, once more, from John's Autobiography 37 when, after a year's residence in France, he returned to England in July 1821. "When I returned my father was just finishing for the press his Elements of Political Economy and he made me perform as an exercise on the manuscript, what Mr.