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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Structure type:: Chapter

Title:: Chapter XI. On the Causes of Value

Collection:: Economics Books

214 ON THE CAUSES But the most singular circumstance in this section is, that it unsettles all our notions re- specting quantity of labour itself. The grand principle of Mr. Ricardo’s work, which seemed as precise and definite as it could be, the doc- trine that quantity of labour is the cause of value, which appeared to be fast anchored in the understanding, is unloosed from its moor- ings. We are here told of “the difficulty of comparing an hour’s or a day’s labour in one employment with the same duration of labour in another.” The language of Adam Smith is quoted, to show “ that it is often difficult to ascertain the proportion between two different quantities of labour. The time spent in two different sorts of work will not always determine this proportion.” If this be true, then quantity of labour has no determinate criterion, and Mr. Ricardo has perly qualified, is the Index. He there says, ‘ the quan- lity of labour requisite to obtain commodities the principal source of their exchangeable value.”

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