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
The first and most important truth illustrated in the table is, that,
from the division of value into labour and profits, and the mode in
which profits are always estimated, it follows necessarily, that the
quantity of labour required to produce the wages of a given number of
men, with the addition of the profits upon these advances estimated
in labour, must always be exactly the same as the quantity of labour
which the wages will command, and must together always make up the
constant quantity which appears in the seventh column. But the quantity
of labour required to produce the varying wages of ten men is, under
the different circumstances supposed, very different, as appears in
the fifth column; and it is obvious, that while the numbers in the
fifth column vary, the numbers in the seventh column, or the quantity
of labour and profits united, cannot be constant, unless, as the
quantity of labour required to produce the wages of ten men increases,
the quantity of profits estimated in labour diminishes exactly in the
same degree. But this, from what has before been stated, must, under
the circumstances supposed, be the case. And it follows, that if the
natural value of a commodity may be estimated by the labour and profits
of which it is composed, the natural value of the corn wages of a
given number of men must always be the same. But such wages, according
to the postulate with which we commenced, must necessarily be equal to
the quantity of labour for which they will exchange. Consequently the
value of a given quantity of labour must, under every variety which can
take place in the fertility of the soil and the corn wages of labour,
be always constant. It is, however, of the greatest importance to
remark, that an exact balance of labour, and of profits estimated in
labour, so as to yield always a constant quantity, cannot take place in
the production of any one commodity or given portion of a commodity;
because any one commodity, or given portion of a commodity, is liable
to vary in relation to labour, and such variation will either increase
or decrease the amount of the labour and profits united. It is only the
varying wages of a given number of men bearing, as the terms imply, a
constant relation to labour, which, under any changes in the quantity
of labour required to produce them, can still continue of the same
natural value. And it is precisely this necessary constancy in the
natural value of the varying corn wages of labour, which renders the
labour which a commodity will command, a standard measure both of its
natural and exchangeable value.
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