[90] Vol. iii, p. 138. See Böhm-Bawerk, _op. cit._, p. 67 _et seq._ There are other arguments advanced by Marx for the redemption of his theory, considered in order by Böhm-Bawerk, but that given is the first and principal one. The second is that the law of value governs the _movement of prices_. This is analogous to, if not identical with, Ricardo’s claim, that changes in labor-cost are the causes of changes of values. See _ante_, pp. 54-5. [91] Pp. 55 _et seq._ [92] _Principles_, 4th ed., p. 371 (1849). The italics are mine. [93] McCulloch edition of the _Wealth of Nations_, vol. iv, note viii, p. 200. [94] “Dass die Abweichungen vom Werth ... sich gegeneinander aufheben.” _Das Kapital_, vol. iii, p. 140. James Mill, in _Elements of Political Economy_, pp. 112-113 (1826), said the same thing. When the general rate of wages varies, for “the aggregate of commodities, taken all together, there is neither fall nor rise.” [95] _Elements of Political Economy_, London, 1826. This statement probably came from Malthus, who laid down the general lines of the theory of value in this same way in 1820. [96] P. 96. [97] Pp. 96-7. [98] Pp. 99-100. The italics are mine. [99] Pp. 102-3. [100] P. 104. [101] _Essay on the Production of Wealth_, London, 1821, p. 51. Torrens considered his theory of “exchangeable value” quite original, (Preface, p. 7.) [102] P. 51. [103] P. 53. [104] P. 50. [105] “Empirical,” in the particular sense of this term, adopted in the opening chapter of this essay. [106] Pp. 39-40. See also Preface, p. 7. This theory does not occupy a prominent place in his book. The sum of accumulated and immediate labor is what Ricardo considers to be the total labor cost of a good—under the name of labor indirectly and directly applied. [107] Presumably, in its turn, “_accumulated_.” [108] Explanation of this follows shortly. [109] In his _Principles_, 1st ed., 1820, and 2d ed., 1836, which was considerably altered from the first. _The Measure of Value Stated and Illustrated_, a pamphlet of 1823, and the _Definitions in Political Economy_ may be mentioned, but the text of the two editions of the _Principles_ suffices for any except the most minute investigation of his views. [110] Ricardo’s part is contained in his published letters to Malthus, as well as those to McCulloch and Trower, but the letters of Malthus to Ricardo have not, to my knowledge, been found for publication, except one given in _Letters of Ricardo to McCulloch_, (_Pub. Am. Ec. Assn._, 10, Nos. 5-6) p. 161. [111] The law of supply and demand is not so simple as to preclude a variety of ways of stating it, and the meaning of such conceptions as _intensity of demand_, _equilibrium_ or _balance_ of supply and demand, _etc._, requires careful reasoning to define. The history of the law in English political economy would be concerned mainly with Malthus, J. S. Mill, Cairnes and Marshall. [112] _Principles_, 1st ed., pp. 73-4. [113] _Ibid._, 74-5.