I own that I was myself for a very long time of this opinion; but I am now perfectly convinced that I was wrong, and that Adam Smith was quite right in the prevailing view which he took of value, though he did not always strictly adhere to it. I am also convinced that it would be a great improvement to the language of political economy, if, whenever the term value, or value in exchange, is mentioned without specific reference, it should always be understood to mean value in exchange for labour,—the great instrument of production, and primary object given in exchange for every thing that is wealth; in the same manner as, when the price of a commodity is mentioned without specific reference, it is always understood to mean price in money—the universal medium of exchange, and practical measure of relative value. I am further convinced that the view of value here taken throws considerable light on the nature of demand and the means of expressing and measuring it, and that just view of value is absolutely necessary to a correct explanation of rents, profits, and wages. These convictions on my mind, which have acquired increase of strength the longer I have considered the subject, must be my apology to the reader for dwelling on it longer than, in considering it cursorily, he may think it deserves. Footnote 93: Wealth of Nations, b. i. c. v. Footnote 94: Wealth of Nations, b. i. c. v. Footnote 95: It is specifically on this ground that I think the meaning of the term Wealth should be confined to material objects; that productive labour should be confined to that labour alone which is directly productive of wealth; and that value, or value in exchange, when no specific object is referred to, should mean value in exchange for the means of production, of which labour, the great instrument of production, is alone the representative. Footnote 96: Traité d’Economie Politique, Epitome, vol. ii. p. 506, 4th edit. Footnote 97: Epitome, vol. ii. p. 507. Footnote 98: C. iv. p. 83. Footnote 99: Vol. ii. p. 17. 4th edition. ------------------------------------------------------------------------ TRANSCRIBER’S NOTES 1. Silently corrected typographical errors and variations in spelling. 2. Archaic, non-standard, and uncertain spellings retained as printed. 3. Footnotes have been re-indexed using numbers and collected together at the end of the last chapter. 4. Enclosed italics font in _underscores_. End of Project Gutenberg's Definitions in Political Economy, by T. R. Malthus