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ON THE NATURE
be used to denote their value in relation to a
third commodity, or to commodities generally ;
and the precise reason why a and B are said to
be high in relation to a third commodity, is,
that a small quantity of them commands in
exchange a large quantity of the latter. Gold
is said to be fifteen times more valuable than
silver, because an ounce of geld, no matter
from what cause, will command fifteen ounces of
silver. So far, therefore, from quantity being
excluded from any man’s idea of value, it is es-
sential to it, and to express value, except by
quantity, is impossible. The mistake, both in
this writer and in Mr. Ricardo, evidently arises
from an inaccurate apprehension of the true na-
ture of value. Instead of regarding value asa
relation between two objects, they seem to con-
sider it as a positive result produced by a defi-
nite quantity of labour. If the quantity of la-
bour necessary for the production of an object
is always the same, the value according to
them is always the same, however other objects
may have varied; so that, in fact, the circum-