OF VALUE.

2]

actly the same circumstances, as for instance,
by labour alone, any commodity, which always
required the same quantity of labour, could
not be invariable in value, while every other
commodity underwent alteration: he asserts, on
the other hand, that such a commodity would
be invariable, and, according to his doctrine
hereafter to be examined, would form a perfect
measure of other things.
Clear and definite ideas on the present subject
 are so essential to the political economist,
that it will not be 5 vain labour to point out the
mistakes of another eminent writer concerning
 it. Mr. Malthus has not avoided those of
Mr. Ricardo. After defining value, in accordance
 with that writer, as expressing the power
of commanding other objects in exchange; he
Proceeds to say, thatthis power “may obviously
arise either from causes affecting the object
itself, or the commodities against which it
is exchanged*. In the one case, the value of

¥ In this passage there is a palpable inaccuracy in expression,
 Mr. Malthus has not even succeeded in bring.