Principles of Political Economy, Vol. 1Roscher, Wilhelm
History
Principles of Political Economy, Vol. 1
Roscher, Wilhelm
Economics
Section VIII.
Valuation Of Resources.
It has often been made a question, whether the valuation of resources
should be based on the value in use, or the value in exchange of their
constituent parts.(92) The latter has, of course, no interest, except in
so far as we are concerned with the possibility of obtaining the control
of part of the resources, or means, of another, by the surrender of a part
of one’s own goods. In estimating the value of private resources, which
require to be made continually an object of trade, this point is, of
course, of the greatest importance. If certain of their component
elements, lands, for instance, belonging to a _fidei commissum_, are
incapable of entering immediately into the market, at least the revenue
they yield is measured by its value in exchange.
It is quite otherwise, even with the resources of a whole nation. Such
resources are, evidently, much more independent, and have much less need
of being exchanged against their equals, than private resources. The
foreign commerce, of the greatest and most advanced nations, has,
hitherto, been but a small quota of their internal commerce.(93) A
valuation, therefore, based on value in exchange, however interesting it
might be to enable us to determine how property is shared by the different
classes and persons that compose the nation, would afford but little
information concerning the absolute amount of the national wealth. This,
of course, applies in a much higher degree to the resources of the whole
world.
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