History and Criticism of the Labor Theory of Value in English Political Economy, Issue 50 |
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Common terms and phrases
Adam Smith amount of labor Austrian Böhm-Bawerk bushels Cairnes capital cause chapter command in exchange comparative competition conception cost of production Crusoe Das Kapital defined determined difficulty disutility cost doctrine duction economic effect empirical employment entrepreneur's cost esteem value exchange value explain form of cost ginal History increment industry interest James Mill labor and abstinence labor theory law of costs law of entrepreneur's law of value Malthus marginal cost marginal product marginal utility market price Marx McCulloch means measure of value Mill natural price pain cost perfect competition philosophical piano Political Economy potentiality cost price equivalent principle product of labor Professor Clark profits proportion quantity of labor question regulator of value relation remuneration Ricardo sacrifice satisfaction Senior skilled labor social subjective cost supply and demand term theory of value things tion Torrens total labor cost unit utility theory value of commodities writer
Popular passages
Page 283 - Equal quantities of labour, at all times and places, may be said to be of equal value to the labourer. In his ordinary state of health, strength and spirits; in the ordinary degree of his skill and dexterity, he must always lay down the same portion of his ease, his liberty, and his happiness.
Page 278 - The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What everything is really worth to the man who has acquired it, and who wants to dispose of it or exchange it for something else, is the toil and trouble which it can save to himself, and which it can impose upon other people.
Page 364 - But when land capable of yielding rent in agriculture is applied to some other purpose, the rent which it would have yielded is an element in the cost of production of the commodity which it is employed to produce.
Page 306 - The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the greater or less compensation which is paid for that labour.
Page 291 - ... can supply him. The far greater part of them he must derive from the labour of other people, and he must be rich or poor according to the quantity of that labour which he can command, or which he can afford to purchase.
Page 283 - Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared.
Page 281 - A man educated at the expence of much labour and time to any of those employments which require extraordinary dexterity and skill, may be compared to one of those expensive machines.
Page 288 - The real value of all the different component parts of price, it must be observed, is measured by the quantity of labour which they can, each of them, purchase or command.
Page 317 - The exchangeable value of all commodities, whether they be manufactured, or the produce of the mines, or the produce of land, is always regulated, not by the less quantity of labour that will suffice for their production under circumstances highly favorable, and exclusively enjoyed by those...
Page 450 - Schiff fellowship of $600, the Curtis fellowship of $600, the Garth fellowship in Political Economy of $650, and University scholarships of $150 each are awarded to applicants who give evidence of special fitness to pursue advanced studies. Several prizes of from } 50 to $250 are awarded.