54

ON PROFITS.

labour, but also on the productiveness of the
labour; because, in fact, a rise of profits and a
rise in labour are essentially distinct in their
nature, the one signifying an increase of proportion,
 the other an increase in the quantity
which a definite portion of labour will command.


The proposition, that when labour rises profits
 must fall, is true only when its rise is not
owing to an increase in its productive powers.
If labour rises while these productive powers
remain the same, profits will inevitably fall.
This may be easily proved from the principles
already advanced ; for if labour rises in value,
whoever purchases labour must give a greater
quantity of other things for it, and as the capitalist
 purchases labour, he must pay more for
it. It will be said, perhaps, that he may raise
the value of his goods, that is, he may require
a greater quantity of other commodities than
before, in exchange for his own. But the capitalist
 who produces these other commodities
is in the same predicament, and they cannot
both raise their goods. If a raises the value of