NOTES AND ILLUSTRATIONS.

NOTE A (page 38).

Mr. Ricardo introduces his notion of real value in a
somewhat obscure and indirect manner.
He gives us no formal preliminary definition or explanation
 of the term, and had not perhaps, at the outset, defined
 it clearly in his own mind, although the idea seems to
have mingled itself with all his speculations. In the
opening of his book, the only kinds of value which he
points out are value in use and value in exchange, as distinguished
 by Adam Smith ; the latter of which is defined to
be the power of purchasing. At the third page, nevertheless,
 we find another kind of value introduced, without
comment or explanation, in an extract from the Wealth of
Nations. <The real price of every thing, what every
thing really costs to the man who wants to acquire it, is
the toil and trouble of acquiring it. What every thing is
really worth to the man who has acquired it, and who wants
to dispose of it, or exchange it for something else, is the
toil and trouble which it can save to himself, and which it
can impose upon other people.”