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ON THE NATURE

work he says, ‘I cannot agree with M. Say in
estimating the value of a commodity by the
abundance of other commodities, for which it
will exchange *®.” In accordance with the definition,
 this means that he cannot agree with
M. Say in estimating the power of a commodity
 to purchase other commodities, by the
quantity of the latter, which it will purchase.
But if the power of a commodity to purchase be
not measured by the quantity purchased, what
other mode of estimation can be found? It is
no great degree of boldness to challenge the
whole body of economists to produce a different
 meaning of the word power, or a different
measure of its degrees.
One of the most accomplished of Mr. Ricardo’s
 disciples, the author of the Templars’
Dialogues on Political Economy, whose writings

relative quantity of labour which is necessary for its production,
 and not on the greater or less compensation which
is paid for that labour.” See title of Section i, Chap. 1.
* Page 333, third edition.