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 III. On the Value of Labour

Collection:: Economics Books

OF LABOUR. AT case in the preceding extract. He says, that if by improvements in machinery and agriculture, the whole produce of a country were doubled, while the quantity of labour employed con- tinued the same, and if before this increase of produce, of every hundred hats, coats, and quarters of corn, the labourer received 25, and after the increase only 22, then wages would have fallen, although the labourer actually re- ceived 44, where he before received only 25. But if by a fall of wages is meant a fall in the value of labour; if, further, by value we mean the power of commanding other things in ex- change, and if the degrees of that power are in proportion to the quantity commanded, then it is evident, that so far from wages falling they would have risen, inasmuch as a definite por- tion of labour would command in exchange an increased quantity of hats, coats, and corn. I have said, that an alteration in the propor- tion of the product assigned to the labourer is one cause of variation in the value of labour: for it is manifest, that if out of a fixed quantity of hats, coats, and corn, the labourer receives

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