A critical dissertation on the nature, measures and causes of value

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Monograph

Identifikator:: 1858887097

URN:: urn:nbn:de:zbw-retromon-271916

Document type:: Monograph

Author:: Bailey, Samuel http://d-nb.info/gnd/1055121706

Title:: A critical dissertation on the nature, measures and causes of value

Place of publication:: London

Publisher:: The London School of Economics and Political Science (University of London)

Year of publication:: 1931

Scope:: xxviii, 255 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

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Title:: Chapter V. On comparing Commodities at different Periods

Collection:: Economics Books

AT DIFFERENT PERIODS. 73 another period ; but a comparison of ratios, or a comparison of the relative quantities in which commodities exchanged for each other at two different epochs. If a commodity of in the year 100 was worth 2 B, and in 1800 was worth 4 B, we should say that a had doubled its value to B. But this, which is the only kind of comparison we can institute, would not give us any relation between A in 100 and A in 1800; it would be simply a comparison of the relation between A and Bin each of those years. It is impossible for a direct relation of value to exist between A in 100 and 4 in 1800, just as it is impossible for the relation of distance to exist between the sun at the former period and the sun at the latter. This perhaps will be still more apparent if we make use of the defi- nition of value instead of the term. It will at once be seen how absurd it would be to talk of the power of 4 in the year 100, to command in exchange the same commodity in 1800. It may, perhaps, be alleged, that I am here fighting with a mere shadow of my own crea-

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