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

28 ON THE NATURE work he says, ‘I cannot agree with M. Say in estimating the value of a commodity by the abundance of other commodities, for which it will exchange *®.” In accordance with the de- finition, this means that he cannot agree with M. Say in estimating the power of a commo- dity to purchase other commodities, by the quantity of the latter, which it will purchase. But if the power of a commodity to purchase be not measured by the quantity purchased, what other mode of estimation can be found? It is no great degree of boldness to challenge the whole body of economists to produce a differ- ent meaning of the word power, or a different measure of its degrees. One of the most accomplished of Mr. Ri- cardo’s disciples, the author of the Templars’ Dialogues on Political Economy, whose writings relative quantity of labour which is necessary for its pro- duction, and not on the greater or less compensation which is paid for that labour.” See title of Section i, Chap. 1. * Page 333, third edition.

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