CHAPTER VII.

ON THE MEASURE OF VALUE PROPOSED
BY MR. MALTHUS.

Arter the conclusions established in the preceding
 chapter, it would be a superfluous task
to examine the various measures of value which
may have been imagined or proposed by different
 economists. As that, nevertheless, which
has been recently advocated by Mr. Malthus,
and which was originally brought forward by
Adam Smith, has attracted some attention, it
may deserve a cursory notice.
This measure is labour, considered as an
exchangeable commodity, or, in other words,
the labour which commodities command:
and proceeding on the false principle, that a
measure of value must be itself immutable in