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 VIII. On Methods of bestmating Value

Collection:: Economics Books

ESTIMATING VALUE. 159 estimated in any article we please. If any ar- ticles still require the same labour, and we esti- mate the rest in these, then the aggregate value will remain the same. In the sequel of the passage above cited, Mr. Ricardo maintains, that when the labour of a certain number of men, formerly capable of producing 1000 pair of stockings, becomes by inventions in machinery productive of 2000 pair, the value of the general mass of commodi- ties will be diminished, because the stockings manufactured before the improvement must fall to the level of the new goods. This again depends on the mode of estimation. Estimated in stockings, the aggregate value of the ge- neral mass of commodities would rise; esti- mated in any thing else it would fall: and al- though it may seem ludicrous to talk of esti- mating the value of all commodities in stockings, the principle is still the same as if gold or any other commodity happened to be the me- dium of valuation. Hence it appears, that these propositions,

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