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 XI. On the Causes of Value

Collection:: Economics Books

220 ON THE CAUSES muscles. As therefore no labour has been really exercised in any way relating to the wine, a tenth more of labour cannot be correctly con- sidered as having been expended upon it, un- less that can be truly regarded as having oc- curred which never happened. Doctrines of this kind, which attempt to re- duce all phenomena to a uniform expression, ought to be rigidly scrutinized. In the present instance, the eminent writer just quoted ap- pears to have been seduced by a preceding false generalization, that, namely, which designates capital as accumulated or hoarded labour. This is at best an aukward mode of expression, which can answer no good purpose. When we accu- mulate we add one thing to another, and it is essential to the process, that both should re- main in existence. But labour, consisting in the mere exertion of muscular power, or in the equally evanescent motions of the brain, con- tinually perishes in detail, and therefore admits of no accumulation. It may be alleged, ne- vertheless, that when a series of days’ labour

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