2-ON

 THE NATURE

be used to denote their value in relation to a
third commodity, or to commodities generally ;
and the precise reason why a and B are said to
be high in relation to a third commodity, is,
that a small quantity of them commands in
exchange a large quantity of the latter. Gold
is said to be fifteen times more valuable than

silver, because an ounce of geld, no matter
from what cause, will command fifteen ounces of
silver. So far, therefore, from quantity being
excluded from any man’s idea of value, it is essential
 to it, and to express value, except by
quantity, is impossible. The mistake, both in
this writer and in Mr. Ricardo, evidently arises
from an inaccurate apprehension of the true nature
 of value. Instead of regarding value asa
relation between two objects, they seem to consider
 it as a positive result produced by a definite
 quantity of labour. If the quantity of labour
 necessary for the production of an object
is always the same, the value according to
them is always the same, however other objects
may have varied; so that, in fact, the circum-