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Updated: May 19, 2025
Their cattle, grazing on the bottom of the sea, are the finest in Europe, their agricultural products of more exchangeable value than if nature had made their land to overflow with wine and oil. Their navigators are the boldest, their mercantile marine the most powerful, their merchants the most enterprising in the world.
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, is the real measure of the exchangeable value of all commodities.
It may be considered, therefore, as established, that when two countries trade together in two commodities, the exchangeable value of these commodities relatively to each other will adjust itself to the inclinations and circumstances of the consumers on both sides, in such manner that the quantities required by each country, of the article which it imports from its neighbour, shall be exactly sufficient to pay for one another.
A pound was issued to him weekly, as to the other boys; but as candles were available capital, and easily exchangeable for birds' eggs or young birds, Martin's pound invariably found its way in a few hours to Howlett's the bird-fancier's, in the Bilton road, who would give a hawk's or nightingale's egg or young linnet in exchange.
A nation may import to a greater value than it exports for half a century, perhaps, together; the gold and silver which comes into it during all this time, may be all immediately sent out of it; its circulating coin may gradually decay, different sorts of paper money being substituted in its place, and even the debts, too, which it contracts in the principal nations with whom it deals, may be gradually increasing; and yet its real wealth, the exchangeable value of the annual produce of its lands and labour, may, during the same period, have been increasing in a much greater proportion.
The councils decreed the issue of mandats territoriaux to the amount of two thousand four hundred millions. They had the advantage of being exchangeable at once and upon presentation, for the national domains which represented them. Their sale was very extensive, and in this way was completed the revolutionary mission of the assignats, of which they were the second period.
The cloth annually produced sold, at an average, for twelve hundred thousand florins; a sum fully equal in exchangeable value to two millions and a half of our money. Four hundred thousand florins were annually coined. Eighty banks conducted the commercial operations, not of Florence only but of all Europe.
Every increase or diminution of capital, therefore, naturally tends to increase or diminish the real quantity of industry, the number of productive hands, and consequently the exchangeable value of the annual produce of the land and labour of the country, the real wealth and revenue of all its inhabitants. Capitals are increased by parsimony, and diminished by prodigality and misconduct.
This, according to him, proves that value does not vary with 'utility. 'Utility, as he declares in his first chapter, is 'absolutely essential to value, but it is 'not the measure of exchangeable value. A solution of these puzzles may be sought in any modern text-book. Ricardo escapes by an apparently paradoxical conclusion.
The fine silks and cottons, the laces, and other ornamental luxuries of a rich country, may contribute very considerably to augment the exchangeable value of its annual produce; yet they contribute but in a very small degree to augment the mass of happiness in the society, and it appears to me that it is with some view to the real utility of the produce that we ought to estimate the productiveness or unproductiveness of different sorts of labour.
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