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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Title:: Chapter III. On the Value of Labour

Collection:: Economics Books

VALUE OF LABOUR. 47 obviously the only interpretation of which the terms rise and fall of labour admit, consistently with the definition of value. Before proceeding to apply these positions to the current doctrines of the day, it will be necessary to call the reader’s attention to a comparison of the terms ¢ value of labour,” and “ wages,” and to the way in which they are employed. The value of labour, as we have just seen, signifies the relation in which labour stands to commodities. The term wages has the same meaning — for we may say indif- ferently the wages of labour are three shillings a day, or the value of labour is three shillings a day; but it is often employed with greater laxity of signification. Mr. Ricardo, for example, talks of “the labour and capital employed in producing wages,” and of * the real value of wages*;’ in which instances it is impossible to substitute * © Wages are to be estimated by their real value, viz. by the quantity of labour and capital employed in producing them.” Pol. Econ., p. 50.

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