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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248 NOTES AND ILLUSTRATIONS. reasoner carried him to the truth, although into some ap- parent inconsistency; for he adds, But the value or price of all commodities, amongst which money passing in trade is truly one, consisting in proportion, you alter this, as you do all other proportions, whether you increase one, or lessen the other.” — Considerations on the lowering of Interest and raising the Value of Money. It may be further remarked on the former of these pas- sages, that, taking him on his own theory, the measure which he describes, like the measures of other economists, would not enable us to ascertain any variations of value, for these are necessarily exhibited in the prices of commodities, but would indicate in which commodities the changes origin- ated. While money remained unaltered as to the causes of value operating upon it, which it would do on his princi- ples as long as it remained the same in quantity, all varia- tions in the prices of commodities must necessarily pro- ceed from alterations in the proportion between the quan- tities of such commodities and their vent, and this is all that, under the circumstances supposed, Mr. Locke’s stand- ing measure would show. On reviewing this subject from first to last, it appears to me, that nearly the whole of the vagueness, confusion, and perplexity in which it has been involved, may be traced to an unconscious vacillation between two distinct ideas. There are evidently two senses in which the term measur. ing value is employed, and it is the unconscious passing

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