In this next section entitled "Corporeal, Incorporeal and Intangible property", we look at a number of things and this is very long section of almost 50 pages so we will break it down over several weeks.
First, Commons is looking in subsection one at time and the measure of time. Macleods problem was a confusion of definitions related to time and corporeal and incorporeal property. He seemed to define corporal property as of time now and incorporeal property as one year in the future, but later seems confused on this point. He seems to be saying corporeal property exists only now based on past value but then also has value in the future as well. in fact according to Commons, Macleod's double counting was not counting the physical thing and ownership of the physical thing but rather counting the ownership issue twice.
Commons tries to clarify by stating that corporeal property's value is based on future value and exchangeability. It means I have property that is worth something base don what it can produce in the future and is based on the fact that I can withhold this property from others and then exchange it when they meet the conditions I seek. Macleod and Commons believes that the exchange value via money is the key thing measured based on future use and value. Commons writes that, "the right of corporeal property is the right not to use the thing but is the right to alienate ownership of the thing and give good title to the buyer" (Commons, pg. 405, 1934) and equally importantly he writes that, "thus both corporeal and incorporeal property begin at the present point in time and both are looking at the present valuations that look forward to acquisitions in the future" (Commons, pg. 405, 1934).
In the rest of this section, Commons tries to clarify his concept of measuring time. The present time is simply a moving point between past and future. the real issue for Commons is future time which is based on two conceptions. The first conception is the interval between the current point in time and future time. The second conception is the interval between present time and an ongoing series of future points in time repeated constantly. Commons argues that this help us the time issues related with interest payments and profits.
Next up: subsection 2 justification and economics and subsection 3 duty and debts and rights an duties pg. 407 - 415
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