52 
ON THE VALUE 
that either the term wages has two meanings, or 
it has been used with improper laxity. In 
order to avoid any ambiguity which might 
arise from it, I shall in general employ in its 
stead the expression, value of labour, by 
which, In consonance with the usual definition 
of value, I mean the power which a definite 
portion of labour possesses, of commanding in 
exchange any other commodity compared with it. 
It has been already stated, that when labour 
is said to rise or fall in value, the expression 
implies, that a definite portion of it exchanges 
for a larger or smaller quantity of some com- 
modity or commodities than it did before. This 
however is not the view taken by Mr. Ricardo 
of the value of labour; for he enters into 
various details to show, that although the la- 
bourer might receive more commodities in ex- 
change for his labour, yet the value of his 
labour, notwithstanding, might have fallen. 
«It is not,” says he, * by the absolute quan- 
tity of produce obtained by either class, that