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ON METHODS OF

position that all commodities were doubled in
quantity, this is the result, in whichever of the
commodities or parts we choose to estimate the
whole. But if any one commodity is supposed
to be produced in the same quantity by the
same labour as before, and the whole of the
other commodities are estimated in this one, it
will be true enough, that the whole produce
continues of the same value, while the parts
have fallen one half*. From this it is evident,
that in all such cases the result depends on the
commodity chosen as the medium of estima-
tion. As by value we always imply value in
something, a commodity may be said by one
person to rise, and by another to fall, and with
equal truth, if they speak with tacit reference
to different commodities; but a general affirma-
tion of this nature is worse than useless. The
assertion of a rise or fall in any thing should
be accompanied by a mention of the commo-

* Assuming that commodities are to each other in value
as the quantities of labour concerned in their production.