NOTES AND ILLUSTRATIONS. 239

Page

Value in use.....- -
Value in exchange, or exchangeable

value.........c.-Real
 Ditto .....-Absolute
 Ditto.
Relative Ditto ..- 4,15, 41.
Nominal Ditto........ ..cceerneeansns 50.
Natural Ditto. ---ees 80, 85.
If the view of the subject unfolded in these pages is at all
correct, all these epithets (except perhaps the last) may
be at once swept away. Even the adjunct exchangeable is
tautological, the term value implying in itself a relation in
exchange, or the power of commanding in exchange, and
consequently any epithet which merely expresses the same
idea being perfectly superfluous. The word, too, is ill
adapted to convey the meaning imposed upon it. It is
easy to understand what an exchangeable commodity is; a
commodity, namely, which is capable of being exchanged :
and this is the proper meaning of the epithet; but what is
meant by an exchangeable value is not so clear. The words
import a value capable of being exchanged ; and although
it is possible to speak of exchanging the value of A for the
value of B without absolute absurdity, yet this is evidently
 not the sense in which the epithet is employed. All
that is meant by it is value in exchange, and not value capable
 of being exchanged. The same epithet is sometimes

1, 4.
11, 41, 50.
15.