OF VALUE. 
217 
allow it, why persist in calling quantity of la- 
bour the sole determining principle of value? 
Why attempt to give the science an air of sim- 
plicity which it does not possess? 
To these cases we may add the effect of 
time on value. If a commodity take more time 
than another for its production, although no 
more capital and labour, its value will be greater. 
The influence of this cause is admitted by 
Mr. Ricardo, but Mr. Mill contends, that time 
can do nothing; “how then,” he asks, can 
it add to value?” “Time,” he continues, “is a 
mere abstract term. It is a word, a sound. 
And it is the very same logical absurdity to 
talk of an abstract unit measuring value, and of 
time creating it*.” 
The alleged absurdity, however, will disap- 
pear, if we recur for a moment to the mental 
operation implied in every creation of value. 
The time necessary to produce a commodity, 
* Elements of Pol. Econ. p. 99, 2d edition. The cre- 
dit of this argument, however, is due to Mr. Mc<Culloch, 
whose authority is cited by Mr. Mill.