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 I. On th nature of Value

Collection:: Economics Books

OF VALUE. 0 ascertain the mutual relation of two commodi- ties which we are desirous of comparing. If we wish to know whether a and B are equal in value, we shall in most cases be under the ne- cessity of finding the value of each in c¢; and when we affirm that the value of 4 is equal to the value of B, we mean only that the ratio of A to c is equal to the ratio of B to c. The relative nature of value has not, it ap- pears to me, been distinctly seen or uniformly kept in view by our best writers on the subject. Mr. Ricardo, for instance, who agrees with Dr. Smith in his definition of value, asserts, that if any one commodity could be found, which now and at all times required precisely the same quantity of labour to produce it, that commodity would be of an unvarying value®. * Principles of Pol. Econ. p. 10, 2d ed. Mr. Ricardo has withdrawn this sentence in his 3d edition, and pre- sented his readers with a new section, in which his doe- trines are considerably modified. The alterations, how- ever, do not, as will be shown immediately, at all affect the justness of the strictures in the text. And it may also

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