PREFACE.

with that minuteness and closeness of attention
which are due to its importance. Writers on
political economy have generally contented
themselves with a short definition of the term
value, and a distinction of the property de-
noted by it into several kinds, and have then
proceeded to employ the word with various
degrees of laxity. Not one of them has
brought into distinct view and discussion the
nature of the idea represented by this term, or
the inferences which a full perception of its
meaning immediately suggests; and the neg-
lect of this preliminary labour has created dif.
ferences of opinion and perplexities of thought,
which otherwise could never have existed.
There has been still more laxity, both of
thought and expression, regarding the mea-
surement of value. The vague manner in
which the word measure, necessarily of fre
quent occurrence in the pages of the political