52

ON THE VALUE

that either the term wages has two meanings, or
it has been used with improper laxity. In
order to avoid any ambiguity which might
arise from it, I shall in general employ in its
stead the expression, value of labour, by
which, In consonance with the usual definition
of value, I mean the power which a definite
portion of labour possesses, of commanding in
exchange any other commodity compared with it.
It has been already stated, that when labour
is said to rise or fall in value, the expression
implies, that a definite portion of it exchanges
for a larger or smaller quantity of some commodity
 or commodities than it did before. This
however is not the view taken by Mr. Ricardo
of the value of labour; for he enters into
various details to show, that although the labourer
 might receive more commodities in exchange
 for his labour, yet the value of his
labour, notwithstanding, might have fallen.
«It is not,” says he, * by the absolute quantity
 of produce obtained by either class, that