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

mo “ ON THE NATURE ducing labour. There is no meaning certainly in this last proposition, but there is so much of the appearance of it, that the most cautious in- vestigator might be led astray by the semblance. After these critical strictures, it is a plea- sure to cite a passage from an author, whose views as to the nature of value appear to me to be sounder than those of any other writer. “ Even if a commodity,” says he, “could be found, which always required the same ex- penditure for its production, it would not there- fore be of invariable exchangeable value, so as to serve as a standard for measuring the value of other things. Exchangeable value is deter- mined, not by the absolute, but by the relative cost of production. If the cost of producing gold remained the same, while the cost of pro- ducing all other things should be doubled, then would gold have a less power of purchasing all other things than before; or, in other words, its exchangeable value would fall one half; and this diminution in its exchangeable value would be precisely the same in effect, as if the

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