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
It is evident, therefore, that the values which determine what
commodities shall be exported, and what imported, depend, as before
stated, partly upon the quantity of labour employed in their
production, partly upon the ordinary rates of profits in each country,
and partly upon the value of money.
A sixth result illustrated in the Table is the important distinction
between cost and value. The two last columns show the value of a given
quantity of corn, and the value of the product of a given quantity of
labour, under all the variations which may be supposed of fertility and
corn wages. The difference between the numbers in the last column, and
the uniform number expressing the value of labour, shows exactly the
difference between the value of the labour which has been employed upon
a production, or its cost, and the labour which that production will
command, or its natural and exchangeable value; which, where profits
and wages are alone concerned, must be exactly equal to the additional
value occasioned by the amount of profits.
The reader will be aware that neither the preceding Table, nor any
thing which has been said, tends in any degree to contradict the
acknowledged truth that different _kinds_ of labour are of very
different natural and exchangeable value. It will be further allowed,
that even the same kind of labour, and the kind which has been
especially referred to, namely common agricultural labour, may, under
particular circumstances, and in particular places, vary in value from
a partial or temporary state of demand and supply. We well know, that,
from a partial and temporary demand at a particular period of the year,
summer wages are of a very different value from winter wages; but in
reality summer wages form a very important part of the wages of the
whole year. They are generally employed to pay the rent of the house,
or to purchase the necessary clothing for the family. They could not be
essentially diminished, without altering the condition of the labourer
throughout the year, or the rate of the increase of population. And if
the labourer earned a smaller quantity of corn throughout the year,
with an undiminished produce, it appears from the Table that the value
of that corn would still remain the same, owing to the increased value
of those profits of which it was in part composed.
With regard to the variations in the value of labour in different
parts of the same country, if they are not partial, or temporary, and
consequently exceptions to the general average, they are all resolvable
into those differences in the value of money, which unquestionably take
place in different parts of the same country, and arise from a want of
demand for corn and labour, and a want of commodities to exchange with
those parts of the country which are richer in the precious metals.
Public-domain text, read in full here on John Shaqi.
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