The Logic of Political Economy |
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Common terms and phrases
Adam Smith affirmative value amongst arise become called capital cause cent chapter circulating capital circumstances consequences cost declension demand difference distinction disturbed doctrine effect element England English equally eternally excess exchange value exist expression fact fancy force fund Grand Junction Canal guineas hand higher horses hundred idea instance interest known land law of value less logic luxury Malthus market value means mode natural natural price negative value object obtained operative original paid political economy population possible price of wheat principle produce proportion purchaser purpose quantity of labour quarters question raised rate of profit reader reason rent resistance result rhinoceros Ricardo rise scale scarcity secondly sell sense separate shillings simply slaves subdivisions suppose teleologic tendency term Theophrastus thing thousand guineas tion trade true truth value in exchange vast verbal wages and profits whilst whole word
Popular passages
Page 244 - Four times, and not twice, because the half-yearly dividends fall at one period for certain stocks, at a different period for other stocks ; by which means the disturbance, though reiterated more frequently, is lightened for each operation. Such is the fact, — what is the consequence ? " These demands for money, being only temporary, seldom affect prices; they are generally surmounted by the payment of a large rate of interest."— (P. 415.) Now, would it not be monstrous to urge that casual tilt...
Page 123 - IN making labour the foundation of the value of commodities, and the comparative quantity of labour which is necessary to their production, the rule which determines the respective quantities of goods which shall be given in exchange for each other, we must not be supposed to deny the accidental and temporary deviations of the actual or market price of commodities from this, their primary and natural price.
Page 163 - ... properly drained and manured, and advantageously divided by hedges, fences and walls, while the other had none of these advantages, more remuneration would naturally be paid for the use of one, than for the use of the other ; yet in both cases this remuneration would be called rent.
Page 64 - Early in the morning, I went into St. James's Park to see three Turkish, or Asian horses, newly brought over, and now first showed to his Majesty.
Page iv - That science, which now holds " acquaintance with the stars " by means of its inevitable and imperishable truth, would become as treacherous as Shakspeare's " stairs of sand ;" or like the fantastic architecture which the winds are everlastingly pursuing in the Arabian desert, would exhibit • phantom arrays of fleeting columns and fluctuating edifices, which, under the very breath that had created them, would be for ever collapsing into dust. Such, even to this moment, as regards its practical...
Page 153 - From manufactured commodities always falling and raw produce always rising, with the progress of society, such a disproportion in their relative value is at length created, that in rich countries a labourer, by the sacrifice of a very small quantity only of his food, is able to provide liberally for all his other wants.
Page 25 - ... space of ten years to come : one fellow-passenger, whom you will part with before sunset, has a powerful musical snuff-box ; knowing by experience the power of such a toy over your own feelings, the magic with which at times it lulls your agitations of mind, you are vehemently desirous to purchase it. In the hour of leaving London you had forgot to do so : here is a final chance.
Page 64 - ... beautifull and proportion'd to admiration; spirited, proud, nimble; making halt, turning with that swiftnesse, and in so small a compass, as was admirable. With all this, so gentle and tractable, as call'd to mind what Busbequius speakes to the reproch of our groomes in Europe, who bring up their horses so churlishly as makes most of them retain their ill habits.
Page 204 - But the new economy has shown that all price is governed by proportional quantity of the producing labour, and by that only. Being itself once settled, then, ipso facto, price settles the fund out of which both wages and profits must draw their separate dividends.
Page 204 - In one brief formula," says Mr. De Quincey, " it might be said of profits, that they are the leavings of wages ; so much will the profit be upon any act of production, whether agricultural or manufacturing, as the wages upon that act permit to be left behind.