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

Structure type:: Chapter

Title:: Chapter VI. On Measures of Value

Collection:: Economics Books

Le ON MEASURES stand by a measure of value, is some commo- dity which would serve as a medium to ascer- tain the relation subsisting between two other commodities, that we had no means of bringing into direct comparison. Thus, if I wished to know the relation in exchange between corn and cloth, and there happened to be no in- stance of direct barter of one of these commo- dities for the other, I could acquire the desired information only by ascertaining their relations to a third commodity. Supposing this commo- dity to be money, if a yard of cloth were worth L0s., and a bushel of corn 5s., I should learn immediately that a yard of cloth was worth two bushels of corn, and would have an equal power of commanding all other things in ex- change, silver in this instance being the com- modity employed as a measure. This kind of measure of value, which is merely a medium of comparison, and obviously quite dissimilar to a measure of length, is the only one which it is possible to have; and although money is the measure generally employed, and by far the

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