The Measure of Value Stated and Illustrated: With an Application of it to the Alterations in the Value of the English Currency since 1790Malthus, T. R. (Thomas Robert)
General
The Measure of Value Stated and Illustrated: With an Application of it to the Alterations in the Value of the English Currency since 1790
Malthus, T. R. (Thomas Robert)
Currency question -- Great Britain; Value
Thus if ¾ of the produce, whatever that produce may be, go to labour, ¼
will remain for profits; if ⅚ go to labour, ⅙ will remain for profits;
and if ½ only go to labour, ½ will remain for profits.
In reference to corn or commodities in general, compared with each
other at different periods in the progress of cultivation, it is
obvious that neither an increase in the quantity of labour required to
produce them, nor an increase in the quantity of produce awarded to
the labourer, can ever determine the proportion of the whole produce
which goes to labour and affect profits accordingly; because if the
quantity of labour required to produce them increases, the effect of
this upon profits may be totally destroyed by a diminution at the same
time of the quantity of produce awarded to the labourer; or if a larger
quantity of produce be awarded to the labourer, it may be only in
consequence of a smaller quantity of labour being necessary to obtain
the same produce, in which case profits may remain undiminished, or
even rise, at the same time that corn wages rise.
But if instead of referring to commodities generally, we refer to the
variable quantity of produce which, under different circumstances,
forms the wages of a given number of labourers, we shall find that the
variable quantity of labour required to obtain this produce will always
exactly agree with the proportion of the whole produce which goes to
labour; because, however variable may be the amount of this produce, it
will be divided into a number of parts equal to the number of labourers
which it will command, and as the first set of labourers who produced
these wages may be considered as having been paid at the same rate as
the second set, whose labour the produce commands; it is obvious that
if to obtain the produce which commands ten labourers, 6, 7, 8, or
9 labourers be required, the proportion of the produce which goes to
labour, in these different cases, will be 6/10, 7/10, 8/10, or 9/10,
leaving 4/10, 3/10, 2/10, or 1/10, for profits.
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