OF VALUE.

23

could suppose any object always to remain of
the same value, the comparison of other commodities
 with this one would clearly show
which had risen, which had fallen, and which
had remained the same. The value of any
commodity estimated in a measure of this kind,
might with propriety be called its absolute or
natural value; while the value of a commodity
estimated in others which were liable to varia
tion, whether they were one or many, could
only be considered as its nominal or relative
value, that is, its value in relation to any particular
 commodity, or to commodities in general
 * »

We have here invariable, absolute, natural,
nominal, and relative value; but, throughout
the whole of the passage, the notion of value
as something intrinsic or absolute is apparent.
Departing at once from his own definition, he
maintains, that the value of an object may be
affected without affecting the value of the com-*
 The Measure of Value stated and illustrated, p. 1,

et seq.