...silver. В я CHAP. VI. ОТ THE COMPONENT РАНТ Or THE PRICE Of COMMODITIES. IN that early end rude state of society which precedes both the accumulation...the only circumstance which can afford any rule for eichanging them for one another. If among a nation of hunters, for example, it usually costs twice...

...exchangeable value. A. Smith, referring to the value of commodities before the use of capital, says, " In that early " and rude state of society which precedes both " the accumulation of stock and the appropria" tion of land, the proportion between the quan" titles of labour necessary for acquiring...

...people Labour was the first price—the original purchase-money that was paid for all things.” ¿gain, “in that early and rude state of society which precedes...of labour necessary for acquiring different objects seem to be the only circumstances which can afford any rule for exchanging them Jbr one another. If...

...judge, the same quantity of pure silver. CHAPTEE VI. OP THE COMPONENT PARTS OF THE PRICE OP COMMODITIES. IN that early and rude state of society which precedes...between the quantities of labour necessary for acquiring r , different objects seems to be the only circumstance wliich can ifil afford any rule for exchanging...

...judge, the same quantity of pure silver. CHAPTER VI. OF THE COMPONENT PARTS OF THE PRICE OF COMMODITIES. IN that early and rude state of society which precedes...of labour necessary for acquiring different objects seema to be the only circumstance which can afford any rule for exchanging them for one another. If...

...to perceive its real significance. " In that early and rude state of society," Adam Smith continues, "which precedes both the accumulation of stock and...of land, the proportion between the quantities of labor necessary for acquiring different objects seems to be the only circumstance which can afford...

...all things." * That is true. He further said, "In that early and rude state of society which precedes the accumulation of stock and the appropriation of land, the proportion between the quantities of labor necessary for acquiring different objects seems to be the only circumstance which can afford...

...never varying in its own value, is the sole ultimate, and real standard, 12. His doctrine correct, that the proportion between the quantities of labour necessary for acquiring different objects, is the only circumstance which ran afford any rule for exchanging them, 13. Quoted as to the difficulty...

...which can afford any rule for our exchanging them for one another, yet he limits its application to " that early and rude state of society, which precedes...accumulation of stock and the appropriation of land ; " as if, when profit and rent were to be paid, they would have some influence on the relative value...

...appearance,1 but in the Wealth of Nations the distinction is quite explicitly recognized. In the first place "in that early and rude state of society which precedes...of stock and the appropriation of land" . . . "the quantity of labour commonly employed in producing any commodity, is the only circumstance which can...