OF VALUE.

103

duced as if men could be purposely created. On
the other hand, a material fall in the value of
labour operates to check population by the pe-
nury and hardship which it spreads among the
labouring classes; and the supply of labour
becomes eventually adjusted to the demand by
disease and death.

2. The second class of commodities em-
braces articles of more importance (with the
exception of labour) than that which we have
just considered. When a commodity is of a
kind which admits of being increased by in-
dustry and competition, but only at a greater
cost, the possessor of the cheaper means of
producing it has evidently a monopoly to a
certain extent, and the value of the commodity
will depend on the principles already explained,
until it reach such a height as will afford the
ordinary profit to those who produce it at a
greater expense. The same causes will be in
operation, but instead of the value of the ar-
ticle having no assignable boundary, it will be
limited by the watchful competition, which is