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Maoriland Worker, Volume 11, Issue 449, 15 October 1919, Page 3

Th© American non-Socialist, Professor F. W. Taussig, in his "Principles of Economics," after dealing wth th© superior efficiency of a modern railway as compared with the old transport by packhors e and wagon, writes.- "This consequence has sometimes been stated by saying that capital is productive, a phrase which must he used with care. The strictly accurate statement is that labor applied in some ways is more productive than labor applied in other ways. Tools, machinery, buildings, and materials are themselves made by labor, and represent an intermediate stage in the application of labor. Capital as such is uot an independent factor in production, and (her<\ in no separate productiveness of capital." W *r it 7t I have no terms in English, and can find none in Greek nor Latin, nor in any other strong language kne.-wu to mc, contemptuous enough to attack the bestial idiotisni of the modern theory that wages are to be measured by competition.—lluskin.