...necessary to obtain a commodity. Under the simplest conditions, or, as Adam Smith and Ricardo put it, " in that early and rude state of society, which precedes...accumulation of stock and the appropriation of land " it is clear that, if " competition operates without restraint," * commodities will exchange in proportion...

...instance of this " conjectural history," in a highly and effectively normalized form, is the account of " that early and rude state of society which precedes...accumulation of stock and the appropriation of land." * It is needless at this day to point out that this " early and rude state," in which " the whole produce...

...situation seemed easier to distinguish. Adam Smith, for example, begins his exposition by referring to "that early and rude state of society which precedes...accumulation of stock and the appropriation of land," and then shows how the changes in economic organization have altered the aspect of affairs. If such...

...consequently less with the cause than with the measure of exchange value. Adam Smith had asserted that in " that early and rude state of society which precedes...the accumulation of stock and the appropriation of land"2 commodities exchange in proportion to the quantities of labor expended in acquiring them. But...

...empirical account is reached, a considerable part of what had been said previously is restricted to " that early and rude state of society which precedes...accumulation of stock and the appropriation of land." * For this reason what has been called the " pliil1 Referring to the words just quoted, Mr. Ingram...

...found in the Wealth of Nations, not to speak of earlier English writings. Smith had said that, "in the early and rude state of society which precedes both...necessary for acquiring different objects seems to be tho only circumstance which can afford any rule for exchanging them with one another." But he wavers...

...consequently less with the cause than with the measure of exchange value. Adam Smith had asserted that in " that early and rude state of society which precedes...accumulation of stock and the appropriation of land "1 commodities exchange in proportion to the quantities of labor expended in acquiring them. But even...

...the teaching that labour, in the ordinary sense of the term, is the sole source of value and wealth. In that early and rude state of society which precedes...accumulation of stock and the appropriation of land, it undoubtedly is so ; bat labour is the sole source of value in that rude state of society only. Under...

...the teaching that labour, in the ordinary sense of the term, is the sole source of value and wealth. In that early and rude state of society which precedes...accumulation of stock and the appropriation of land, it undoubtedly is so ; but labour is the sole source of value in that rude state of society only. Under...

...developed it. Ricardo, for example, quotes the following extract with approval from Adam Smith : — In that early and rude state of society which precedes...of land, the proportion between the quantities of labor necessary for acquiring different objects seems to be the only circumstance which can afford...