OBJECTIONS CONSIDERED

which might have disappeared for the moment, would recur of itsown accord.

“But it is just at this point that we get the best proof that thesuperiority in question is independent of differences in the circum-stances of provision: so far from being obliged to borrow its strength,and activity from any such difference, it is, on the contrary, able,if need be, to call forth this very difference. . . . We have to dealwith a third cause of the surplus value, and one which is independentof any of the two already mentioned.”

The argument here is that if “the other two circum-stances” which produce interest, namely, underestimateof the future and underendowment of the present, aretemporarily absent, they will be forced back into exist-ence by the choice of roundabout processes. In otherwords, the technical superiority of present goods producesinterest by restoring the other two circumstances. Butthis is tantamount to the admission that technical super-iority actually depends for its force on the presence ofthese other two circumstances and is not independent.The essential fact is that the presence of technical!superiority does not produce interest when the other two fare absent . 37

Although Bohm-Bawerk devoted many pages in thethird edition of his book and the Supplements (Exkurse)to answering my criticisms , 38 I can find nothing in hisanswers which affects the main argument as set forth

" See von Bortkiewicz, Der Kardinaljehler der Bohm-BawerkschenZinstheorie. Jahrbuch fair Gesetzgebung, Verwaltung und Volkswirtschaft,1906, pp. 61-90.

See also von Schaposchnieoff, Die Bohm-Bawerksche Kapilalzinsthe-orie. Jahrbiicher fur Nationalokonomie und Statistik. Verlag von Gus-tav Fischer, Jena, Dritte Folge, Bd. XXXIII (LXXXYIII), pp. 433-451.

M Positive Theorie des Kapitales. Dritte Auflage, and Exkurse zurPositive Theorie des Kapitales. See especially Exkurse IV and ExkurseXII.