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