CHAPTER VII.

ON THE MEASURE OF VALUE PROPOSED
BY MR. MALTHUS.

Arter the conclusions established in the pre-
ceding chapter, it would be a superfluous task
to examine the various measures of value which
may have been imagined or proposed by dif-
ferent economists. As that, nevertheless, which
has been recently advocated by Mr. Malthus,
and which was originally brought forward by
Adam Smith, has attracted some attention, it
may deserve a cursory notice.

This measure is labour, considered as an
exchangeable commodity, or, in other words,
the labour which commodities command:
and proceeding on the false principle, that a
measure of value must be itself immutable in