OF VALUE. 
25 
The same error runs through the whole of 
Mr. Malthus’s pamphlet, entitled “The Mea- 
sure of Value stated and illustrated;” and is 
involved in the position which it is the object 
of that pamphlet to establish. He maintains, 
after Adam Smith, that labour is always of the 
same value ; that is, according to his own defi- 
nition, always retains the same power of com- 
manding other objects in exchange; and yet, 
in the same treatise, he speaks of the labourer 
earning a greater or smaller quantity of money 
Or necessaries, and insists that it is not the value 
of the labour which varies, but the value of the 
money or the necessaries. As if produce or 
money could change in value relatively to la- 
bour, without labour changing in value rela- 
tively to produce or money. But we need not 
be surprised at any implied inconsistency in 
Mr. Malthus, when, after having set out with the 
definition which we have already quoted, that 
value is “the power of commanding other ob- 
Jects in exchange,” or, in other words, “the 
power of purchasing,” he subsequently makes