1.0Fortune Insighthttps://prime.fortuneinsight.com/web曾國平教授https://prime.fortuneinsight.com/web/posts/author/byrontkprich600338<blockquote class="wp-embedded-content"><a href="https://prime.fortuneinsight.com/web/posts/490505">資本由近至遠、由農轉工的自然路徑</a></blockquote> <script type='text/javascript'> <!--//--><![CDATA[//><!-- !function(c,d){"use strict";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!/[^a-zA-Z0-9]/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),n=d.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),o=0;o<n.length;o++)n[o].style.display="none";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute("style"),"height"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if("link"===t.message)if(a=d.createElement("a"),i=d.createElement("a"),a.href=r.getAttribute("src"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener("message",c.wp.receiveEmbedMessage,!1),d.addEventListener("DOMContentLoaded",t,!1),c.addEventListener("load",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf("MSIE 10"),a=!!navigator.userAgent.match(/Trident.*rv:11\./),i=d.querySelectorAll("iframe.wp-embedded-content"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute("data-secret"))t=Math.random().toString(36).substr(2,10),e.src+="#?secret="+t,e.setAttribute("data-secret",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute("security"),e.parentNode.replaceChild(t,e)}}}}(window,document); //--><!]]> </script><iframe sandbox="allow-scripts" security="restricted" src="https://prime.fortuneinsight.com/web/posts/490505/embed" width="600" height="338" title="“資本由近至遠、由農轉工的自然路徑” — Fortune Insight" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe>https://prime.fortuneinsight.com/web/wp-content/uploads/2020/10/Presentation1.jpg539505第二卷第四章Of Stock Lent At Interest好短，講利率理論。 最基本既觀點其實之前都講過(第一卷第九章)：若果利率係量度利潤的方法，咁樣若果個地方庫存好多，資金好充裕，利率都會同利潤一樣下跌，因為人人都咁疊水，借錢的代價自然降低。呢點唔難明，亦唔係新野。 之後亞當史密攻擊另一觀點，就係話若果個地方金銀之類的貨幣量愈多，利率自然會下降。呢個觀點係來自之後會詳細講的重商主義，認為國家愈賺得多金銀愈好，就算要用保護主義政策都在所不惜。重商主義的其中一個觀點，就係呢個，賺多D金銀可以令到利率下降。即係話，利率低就係經濟好的指標。 佢個反駁基本上係來自佢老友David Hume，話其實利率係由實質因素決定，同金銀數量冇乜關係。若果個國家經濟好，生產多，就算金銀數量不變，由於個國家的資本增加，利潤會下降，而由於個經濟資金充裕，利率亦因而下降。呢個分析講的係實質利率，同現代的講法差唔多。 呢一章最有趣的，係之後關於高利貸(usury)既討論，引發左唔少爭議。 首先呢，佢話如果個國家直頭禁止收息呢樣野，結果只係會令到高利貸更為誇張，因為債主除左要問你收息，仲要計埋俾人拉的風險，問你收多一筆。 之後呢，佢就講左呢堆野，請大家細心睇下： In countries where interest is permitted, the law, in order to prevent the extortion of usury, generally fixes the highest rate which can be taken without incurring a penalty. This rate ought always to be somewhat above the lowest market price, or the […]