Definitions in political economy |
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Common terms and phrases
according Adam Smith adopted applied capital causes of value circulating capitals cloth commodity will command considered consumption corn costs of production definition of wealth determined different periods Dissertation on Value distinction dities duction Econ economists effects effectual demand elementary costs employed esteem estimation exchangeable value exertion expressed given quantity human labour increase labour and profits language Macculloch mass of commodities meaning measure of value modity mon language money-price obtain obvious rules ordinarily command ounce of silver political economy power of pur power of purchasing Principles of Polit producing labour productive of wealth proportion proposition quantity of labour rate of profits real value reference regard relation Ricardo science of political sense supply compared term labour term value tion utility value in exchange value of money value of silver values of commodities view to profit wages of labour wealth of nations wine writers
Popular passages
Page 11 - EVERY man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniences, and amusements of human life.
Page 97 - 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. Labour measures the value not only -of that part of price which resolves itself into labour, but of that which resolves itself into rent, and of that which resolves itself into profit.
Page 171 - Labour, it must always be remembered, and not any particular commodity or set of commodities, is the real measure of the value both of silver and of all other commodities.
Page 20 - Before I quit this subject, it may be proper to observe, that Adam Smith, and all the writers who have followed him, have, without one exception that I know of, maintained that a rise in the price of labour would be uniformly followed by a rise in the price of all commodities.
Page 14 - Some people might think that if the value of a commodity is determined by the quantity of labour spent on it, the more idle and unskilful the labourer, the more valuable would his commodity be, because more time would be required in its production.
Page 9 - There is one sort of labour," he says, " which adds to the value of the subject on which it is bestowed...
Page 211 - 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 223 - That portion of the stock of a country which is kept or employed with a view to profit in the production and distribution of wealth.
Page 70 - The capital of a country consists of all that portion of the produce of industry existing in it, which can be made directly available either to the support of human existence, or to the facilitating of production.
Page 222 - may be distinguished into two kinds, productive labour, and personal services, meaning by productive labour, that labour which is so directly productive of material wealth, as to be capable of estimation in the quantity or value of the object produced, which object is capable of being transferred without the presence of the producer; and...