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

It ON THE VALUE at one time a quarter, and at another time half, his labour at the latter period will be doubled in value in relation to these commodities. Mr. Ricardo’s error, it deserves to be repeated, lies in considering this change in the propor- tion to be the only cause of change, or rather the only case of change in the value of labour*. * Mr. Ricardo’s inference is-a legitimate deduction from his premises, if we concede certain postulates. Grant him the kind of value ealled real, which has no relation to the quantity of commodities commanded, but solely to the quantity of producing labour, and it inevitably follows, that there could be no alteration in the real value of labour, but from an alteration in the proportion of the product which went to the labourer. Neither, if money were al- ways produced by a uniform quantity of labour, could there be any other alteration in the money-value of labour. But to say in this case, that although the labourer obtained a larger quantity of hats, coats, and corn, yet if he ob- tained less money, the value of his labour would have fallen, is altogether nugatory. Money-value has no greater claim to the general term value,” than any other kind of value; and the simple state of the case would be, that labour had risen in value in relation to hats, coats, and corn, and fallen in relation to money. As to real value, the last chapter has shown that it is a nonentity.

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