...XXXI. On Machinery 466 XXXII. Mr. Malthus's Opinions on Rent ..... 483 CHAPTER I. ON VALUE. SECTION I. The value of a commodity, or the quantity of any other...of labour -which is necessary for its production, and not onthegreater or less compensation "which is paid for that labour. IT has been observed by Adam...

...460 XXXI. On Machinery 466 XXXII. Mr. Matihus's Opinions on Rent 488 CHAPTER I. ON VALUE. SECTION I. The value of a commodity, or the quantity of any other commodity for which if will exchange, depends on the relative quantity of labour which is necessary Jbr its production,...

...sense in which he employs the word value, has actually explained his acceptation of it in the title ; " the value of a commodity, or the quantity of any other commodity for which it will exchange." There can be no doubt, therefore, that the author in this section considered himself as treating of...

...that the variation has been in the single commodity, and we also discover the cause of its variation. The value of a commodity, or the quantity of any other commodity for which it will exchange, depends therefore on the relative quantity of labour and danger which is necessary for its production or acquisition,...

...BOOK II. CHAP. II. MR RICARDO first of all lays down the rule broadly NOTE A. and unqualifiedly that " the value of a commodity, or the quantity of any other...of labour which is necessary for its production." — (Principles of Political Economy and Taxation, 3d edition, p. 1). " That this is really the foundation...

...devoted a separate article of the Appendix to the consideration of his fundamental principle, that " the value of a commodity, or the quantity of any other...labour which is necessary for its production." This principle is met in the article now referred to by six distinct arguments, all of which, save the fifth,...

...students, and acted on by them, and circulated throughout the country, — that the value of a thing depends on the relative quantity of labour which is necessary for its production, and that, consequently, labour of whatever kind is always and equally beneficial to the community....

...exchangeability. Exactly the same confusion runs through the whole of Ricardo. He begins by saying1 — "The value of a commodity, or the quantity of any...of labour which is necessary for its production." So again8 — "In the early stages of society, the exchangeable value of these commodities, or the...

...with respect to value. But he falls into exactly the same error himself. He begins his work by saying: "The value of a commodity, or the quantity of any other commodity for which it will exchange," and then at p. 333, he says—" I cannot an-ee with M. Say in estimating the value of a commodity by°the...

...Exchangeability. 14. Exactly the same confusion runs through the whole of Ricardo. He begins by saying — 'The Value of a commodity, or the quantity of any...of labour which is necessary for its production.' So again — ' In the early stages of society the exchangeable value of these commodities is the rule...