238 NOTES AND ILLUSTRATIONS.
value of any commodity a, in this invariable commodity
which we may term x, would have no more right to the ap-
pellation of real value than the value of 4 in any other com-
modity. Assume another period, and the same remark
would be applicable : if commodities had varied in the cir-
cumstances of their production, the change in their value
to x would show such variation, which Mr. Malthus calls a
variation in their absolute value, but still their value in x
would not be absolute value, in Mr. Malthus’s sense, any
more than their value in B, C, or D.

Itis to be remarked, that Mr. Ricardo is any thing but
consistent in the use of the term under consideration, or
of the doctrine which it implies.

In fact, the more I examine his writings, the more Iam
convinced that he had not formed any clear notions on the
subject, that there wag a radical confusion in his views
regarding it.

It is only occasionally that he intimates to his readers
that he is speaking of real value ; in general he professes to
be speaking of « exchangeable value,” sometimes of
‘¢ relative value,” as contradistinguished from that which
is “ absolute” and *¢ real.”

It is, in truth, curious to note the different kinds of value
of which he speaks in the course of his speculations. The
following enumeration will show how far he js entitled to
credit for the precision of his language and ideas on this
subject.