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 XI. On the Causes of Value

Collection:: Economics Books

OF VALUE. 217 allow it, why persist in calling quantity of la- bour the sole determining principle of value? Why attempt to give the science an air of sim- plicity which it does not possess? To these cases we may add the effect of time on value. If a commodity take more time than another for its production, although no more capital and labour, its value will be greater. The influence of this cause is admitted by Mr. Ricardo, but Mr. Mill contends, that time can do nothing; “how then,” he asks, can it add to value?” “Time,” he continues, “is a mere abstract term. It is a word, a sound. And it is the very same logical absurdity to talk of an abstract unit measuring value, and of time creating it*.” The alleged absurdity, however, will disap- pear, if we recur for a moment to the mental operation implied in every creation of value. The time necessary to produce a commodity, * Elements of Pol. Econ. p. 99, 2d edition. The cre- dit of this argument, however, is due to Mr. Mc<Culloch, whose authority is cited by Mr. Mill.

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