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
If these premises be just, the table correctly illustrates all that it
was intended to illustrate. If the premises be false, the whole falls to
the ground.
Now, I would ask the author, what sort of resemblance there is between
ten yards of cloth and ten days’ labour? Is cloth the universal and the
main instrument of production? Is the advance of an adequate quantity of
cloth the natural and necessary condition of the supply of all
commodities? Has any one ever thought of calling cloth and profits the
elementary costs of production? or has it ever been proposed to estimate
the values of commodities at different periods by the different
quantities of cloth and profits worked up in them?
If these questions cannot be answered in the affirmative, it is obvious
that what may be true and important with regard to labour, may be
perfectly false or futile in regard to any _product_ of labour.[80] The
whole depends upon the mode of estimating the values of commodities.
It would, no doubt, be an absurd tautological truism merely to state,
that the varying wages of a given quantity of labour will always command
the same quantity of labour; but if it were previously shown that the
quantity of labour which a commodity commands represents exactly the
quantity of labour worked up in it, with the profits upon the advances,
and does therefore really represent and measure those natural and
necessary conditions of the supply, those elementary costs of production
which determine value; then the truism that the varying wages of a given
quantity of labour always command the same quantity of labour, must
necessarily involve the important truth, that the elementary costs of
producing the varying wages of a given quantity of labour must always be
the same.
It is obvious to any person inspecting the table, that the uniform
numbers in the seventh column, illustrating the invariable value of the
wages of a given number of men, might, with perfect certainty, have been
stated without the intermediate steps; but if they had been so stated,
no conclusion respecting the constancy of the value of such wages could
have been drawn. The intermediate steps, which show that the value of
the wages of ten men is there estimated by the causes which had been
previously shown to determine the values of all commodities, can alone
warrant the conclusion that the uniform numbers in the seventh column
imply uniformity of value in the wages.
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