Not necessarily proportionate to intensity of efforts, 138. Arises in some cases, not from the effort of the person who renders the service, but from the effort saved to the person who receives it, 140, 141. This is a new principle not to be found in any other work on Political Economy, 141. Intervention of money does not change the principle, 142, 143. Value does not reside in commodities, but in services, 143. Examples of various kinds of services, all possessed of value, 147. Limits within which value oscillates, ib.; other examples, 148, 149. The precious metals not a perfect standard of value, as their own value fluctuates, 151, 152. Value not an attribute of matter, 153. This an error of the Physiocrates and of Adam Smith, and has given rise to the distinction between productive and unproductive labour, 153, 154. Value not a thing having independent existence, but a relation, 158. Value and Labour are not proportional, 159, 160, note. Measure of value the quadrature of Political Economy, 170. Fixity cannot be found in a mean term composed of variable elements, ib. Absolute measure of, a chimera, ib. Value being supposed to be in the material product, and not in the service, has led to Smith's error as to unproductive labour, 172. When value passes from service to product, it undergoes, in product, all the risks and chances to which the service itself is subject, 176. Prevailing tendency of value incorporated with a commodity is to fall, 178. Value is the measure of the utility of services rendered to the individual, not of those rendered to the masses, 325, 326. W. Wages. Men are always in search of something fixed, 352. Hence the great desire for government offices, 353. Fixity favoured by two circumstances, 354. Illustrations drawn from the principle of fire insurance, 354-357. Remuneration by wages has the principle of fixity, so much sought after, 357. Opinions of the Socialists on this subject controverted, 357, 358. Wages, their origin, form, and effects, 358. Labour may be remunerated either by share of its product or by fixed wages, 359. Dependence not caused by form of remuneration, but by precarious situation of labourer, ib. No men worse off than fishermen and vine-dressers, though they have the benefits of association, 359, 360. Results of labour applied to the chase, fishing, or agriculture very uncertain, ib. To obviate this, a fixed unconditional bargain preferred, 360. This is not to destroy, but improve, the principle of association, ib. Risks appreciated by means of experimental statistics, ib. Remuneration by share of produce characteristic of times of barbarism, 361. Fixity of remuneration a step of progress, ib.