ON THE NATURE

ratio, it may be correctly said, that a has the
power of commanding two B, or that B has
the power of commanding half of Aa.
The definition of Adam Smith, therefore,
that the value of an object * expresses the
power of purchasing other goods, which the
possession of that object conveys,” is substantially
 correct; and as it is plain and intelligible,
it may be taken as the basis of our subsequent
reasonings, without any farther metaphysical
investigation.
According to this definition, it is essential
to value, that there should be two objects
brought into comparison®*. It cannot be predicated
 of one thing considered alone, and without
 reference to another thing. If the value of
an object is its power of purchasing, there must
be something to purchase. Value denotes
consequently nothing positive or intrinsic, but

* ¢ We cannot express value, or a variation of value,
without a comparison of two commodities.” Inquiry into
the Nature and Origin of Public Wealth, by the Earl of
Lauderdale, p. 19, second edition.