Definitions in Political Economy,: Preceded by an Inquiry Into the Rules which Ought to Guide Political Economists in the Definition and Use of Their Terms; with Remarks on the Deviation from These Rules in Their WritingsMalthus, T. R. (Thomas Robert)
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Definitions in Political Economy,: Preceded by an Inquiry Into the Rules which Ought to Guide Political Economists in the Definition and Use of Their Terms; with Remarks on the Deviation from These Rules in Their Writings
Malthus, T. R. (Thomas Robert)
Classical school of economics; Economics
It is quite clear, therefore, that if the term
value is only to be applied in the sense in which it is applied by the
author, it would be much better to exclude it at once from the
vocabulary of political economy as utterly useless, and only calculated
to produce confusion.
It may be further observed, that the sense in which the author proposes
to apply the term value, is so different from the sense in which it is
understood in ordinary conversation, and among the best writers, that it
would be quite impossible to maintain it with consistency. The author
himself, however obstinately, at times, he seems to persevere in the
peculiar meaning which he has given to the term value, frequently uses
it by itself, without reference to any particular article in which he
proposes to express it. Even in the titles of some of his chapters he
does this; and when in Chapter XI. he discusses _the distinction between
value and riches_, and in Chapter XI. _the causes of value_, we are
entitled to complain, that he has not acted according to the
instructions which he has given to others, and told us, either
expressly, or by implication, in what article the value here mentioned
is to be expressed.
Again; when he mentions the value of that corn which is produced on
lands paying rent, and when he speaks, as he frequently does, of the
value of capital,[61] he does not tell us in what he means to express
the value of corn, or of capital, although he thinks that such a
reference, either expressed or implied, is always necessary, and
particularly says, “In the preceding pages it has been shown, that we
can express the value of a commodity only by the quantity of some other
commodity for which it will exchange.”[62]
The meaning, therefore, which he gives to the term value is such, that
he cannot and does not maintain it consistently himself, much less can
he expect that others should so maintain it.
It appears, then, that the author has arbitrarily adopted a meaning of
the term value quite unwarranted by the usage of ordinary conversation,
directly opposed to the authority of the best writers on political
economy, pre-eminently and conspicuously useless; and of such a nature
that it cannot be maintained with consistency.
And what does he do with his definition after so adopting it?
He applies it to try the truth of a number of propositions advanced by
different writers, who, according to his own showing, have used the term
in a very different sense.
This, I own, appears to me much the same kind of proceeding as if a
person were to define a straight line to be something essentially
different from a line lying evenly between its two extremes, and then
were gravely to apply it to one proposition after another of Euclid, and
show, as might easily be done, granting the definition, that the
conclusions of the Grecian geometer were all wrong.
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