Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
And there is a second distinctive peculiarity in that comparison that
ends in Value, namely, the two things to be exchanged are not compared
directly with each other at all, as square and stick are compared,
but in the light of the "two desires" with which we are already
familiar, and in that of the "two estimates" resulting therefrom. The
owner of the wheat desires a trowel, and the owner of the trowel
desires a bushel of wheat; the former estimates the effort it has
already cost him to procure the wheat in a sort of comparison with the
effort that it would otherwise cost him to procure the trowel, and he
does not trade unless the trowel seem more and better to him than does
the wheat; the latter estimates the effort it has cost him to procure
the trowel in a sort of comparison with the effort it would cost him
to procure otherwise the wheat that he wants, and he does not trade
unless the wheat then and there seem more desirable than the trowel,
which he already has; and these two relative estimates of the two
owners must _coincide_, that is, the owner of the wheat must think
more of the trowel than of the wheat, and the owner of the trowel must
think more of the wheat than of the trowel, before these two parties
can ever trade. So of all traffic whatsoever.
Now the third and last distinctive peculiarity of that kind of
comparison out of which Value emerges is this,--an _action_ is
necessary in order to complete the comparison. Desires and estimates
may have been never so busy, but no Value can ever be born until an
outward action takes place in the "two renderings" of our former
analysis. Then first we come out upon plain and solid ground. We leave
the play of the subjective elements, which yet are essential in the
premises, and touch firmly objective realities. _The trowel-maker
passes over his tool in the sight of men to the wheat-grower in firm
possession and ownership, and takes in return for it from him the
grain, which the latter passes over to the former for the sake of
receiving the trowel._ The two "satisfactions" follow as a matter of
course, and that whole transaction as a commercial exchange and as
the sole subject of Political Economy is ended.
Public-domain text, read in full here on John Shaqi.
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