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

OF VALUE. 2921 has been bestowed on any article, we may fairly say that there has been an accumulation of labour; one day’s labour has been added to another day's labour till they have amounted to a given number, suppose, for example, a hun- dred. The only accumulation here, however, is not an actual but an arithmetical one, and admitting the accuracy of the expression in this sense, it amounts to this, that a hundred days’ labour is an accumulation of labour, not that the article produced is accumulated labour. The article produced is the result of labour, not labour itself. To designate capital or commo- dities by the term accumulated labour is to call the effect an accumulation of the cause. In a rhetorical declamation, in the com- pressed and vigorous eloquence of a great mind disclosing its own comprehensive views by a few master strokes of expression, such an iden- tification of cause and effect is often a positive beauty. The “ Knowledge is power” of Lord Bacon, is felicitous and forcible: but in philo- sophical discussion, phrases of this kind as

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