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
Having obtained a measure of the value of commodities in their more
simple forms, we may apply this measure to the ingredients which
compose the most complicated productions, and estimate all the advances
which consist of accumulated profits, rents, tithes, and taxes in
labour. In the case of taxes on the wages of labour, or an increase in
the prices of those other necessaries of the labourer, besides food,
which may occasion the sale of a greater quantity of the produce, in
order to pay the same number of labourers, as these increased advances
will have the same effect upon profits as a simple increase of wages,
they will in no respect interfere with the constant value of labour,
though an increase of wages, under such circumstances, will be of no
advantage to the labourer.
Cases will of course frequently occur, in which the advances which do
not consist of wages vary in a different degree from wages; but still
the value of labour will remain constant. If the produce, instead of
being obtained by the direct labour of a certain number of men, were
obtained by the direct labour of only a part of this number, together
with an amount of materials, or other advances consumed in the same
time, equal to the labour of the other part, then upon a rise in the
corn wages of labour, if the other advances were to fall, or not to
be worth so much labour as before, it is obvious that the profits of
stock would not fall so much as if the same rise of corn wages had
taken place, when all the advances had been in labour; and it might be
thought at first that profits not falling in proportion to the rise of
labour, the value of labour would not continue the same. But it will
be observed, that, in all cases of this kind, there will be a less
value of labour, which is equivalent to a less quantity of it employed
to obtain the same produce; and a less quantity of labour altogether
being consequently necessary to produce the food of the labourer, than
if labour alone had been employed, the higher profits, or smaller
diminution of the former profits, will only just be such as to maintain
labour of a constant value.
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