OF VALUE.

217

allow it, why persist in calling quantity of labour
 the sole determining principle of value?
Why attempt to give the science an air of simplicity
 which it does not possess?
To these cases we may add the effect of
time on value. If a commodity take more time
than another for its production, although no
more capital and labour, its value will be greater.
The influence of this cause is admitted by
Mr. Ricardo, but Mr. Mill contends, that time
can do nothing; “how then,” he asks, can
it add to value?” “Time,” he continues, “is a
mere abstract term. It is a word, a sound.
And it is the very same logical absurdity to
talk of an abstract unit measuring value, and of
time creating it*.”
The alleged absurdity, however, will disappear,
 if we recur for a moment to the mental
operation implied in every creation of value.
The time necessary to produce a commodity,

* Elements of Pol. Econ. p. 99, 2d edition. The credit
 of this argument, however, is due to Mr. Mc<Culloch,
whose authority is cited by Mr. Mill.