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

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Title:: Chapter II. On real and nominal Value

Collection:: Economics Books

NOMINAL VALUE. 15 have hazarded the preceding observations, agree in defining value to be the power of an object to purchase or command other ob- jects in exchange. Adhering to this defini- tion, it is difficult to conceive what propriety they could have discerned in their use of the words real and nominal. A real power of pur- chasing implies, if it means any thing, that it is not a false or pretended power; while the counter phrase, a nominal power of purchasing, intimates that the power is only in name; that itis not what it professes to be. But the ap- plicability of these epithets can have no de- pendence on the nature of the commodities in relation to which the power is possessed, nor on the causes affecting the production of the com- modity in which the power resides. Accord- ing to all proper usage, the epithets refer not to any thing in the power itself, but to the quality of the affirmation that the power exists, charac- terizing that affirmation as true or false.

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