 | Henry Dunning Macleod - Economics - 1872 - 730 pages
...must shortly state his doctrine. The first doctrine he lays, down is that the value of any commodity is equal to the quantity of labour which it enables him to command or purchase. Hence, if I denote labour, A=Z, 21, 31, M . . . . He then says, in the next paragraph,... | |
 | Adam Smith - 1875 - 808 pages
...labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not...measure of the exchangeable value of all commodities. Thcreal price of everything, what everything really costs tothemanwho wants to acquire it, is the toil... | |
 | Henry Dunning Macleod - 1875 - 546 pages
...which he can afford to purchase. The value of any commodity, therefore, to the person who possesses and who means not to use or consume it himself, but...measure of the exchangeable value of all commodities. " The exchangeable value of everything must always be precisely equal to the extent of this power which... | |
 | Alexander Mackenzie - 1883 - 640 pages
...prove from the greatest authority the validity of my own observations, let me give a few extracts : — "Labour, therefore, is the real measure of the exchangeable value of all commodities." " Labour alone, therefore, never varying in its own value, is alone the ultimate aml real standard... | |
 | John Emelius Lancelot Shadwell - Economics - 1877 - 684 pages
...the services, or the products of the labour, of others. He says : — " The value of any commodity to the person who possesses it, and who means not...labour which it enables him to purchase or command." Thus, the same sum of money may be considered to possess different values to a rich man, according... | |
 | John Emelius Lancelot Shadwell - Economics - 1877 - 662 pages
...the services, or the products of the labour, of others. He says : — " The value of any commodity to the person who possesses it, and who means not...for other commodities, is equal to the quantity of labcur which it enables him to purchase or command." Thus, the same sum of money may be considered... | |
 | Banks and banking - 1877 - 1072 pages
...author has been least successful. To us the statement of Adam Smith, that " the value of any commodity to the person who possesses it, and who means not to use it or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour... | |
 | Walter Bagehot - Economics - 1880 - 236 pages
...labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not...measure of the exchangeable value of all commodities. The real price of everything, what everything really costs to the man who wants to acquire it, is the... | |
 | Henry Dunning Macleod - Economics - 1881 - 458 pages
...it can be exchanged. So in Book i., Ch. v., Smith begins by saying that the Value of any commodity is equal to the Quantity of Labour which it enables him to command or purchase. Hence, if / denotes labour, A = /, 2/, 3/, 4/- . . . He then says in the next... | |
 | Alexander Mackenzie, Alexander Macgregor, Alexander Macbain - Clans - 1883 - 604 pages
...prove from the greatest authority the validity of my own observations, let me give a few extracts:— "Labour, therefore, is the real measure of the exchangeable value of all commodities." " Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard... | |
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The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore,... 
