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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NOTES AND ILLUSTRATIONS. 249 and repassing from one to the other, which has been the source of the mischief : one of these senses, and the only pro- per sense, is, ascertaining the mutual value of two commo- dities by their separate relations toa third ; the other is, as- certaining, when two commodities have varied in value, in which of them the variation has originated. The transition from one of these ideas to the other is, I think, perceptible in the doctrine examined in the text, that money is & good measure of value for commodities at the same time, but not for commodities at different times. In the first part of this proposition, the term measure is used in the former sense, and itis meant to assert, that the value of commaodities to each other is shown by their prices, or values in money. In the latter part of the proposition, a transition is made to the second meaning, and it is intended to say, that the value of a commodity in money at different periods does not show whether there has been any alteration in the cir- cumstances of its production ; whether any variation in its price has originated with it, or with the money in which its value is expressed. If we do not suppose this transi- tion to be made, but that one sense is rigidly adhered to, the proposition is liable to all the objections brought against it in the text. It is probably the latter construction of the term measure, ander which invariableness has been so generally supposed requisite. But this, as is shown in the course of the pre- sent chapter, would not be invariableness of value, but in-

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