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It tends, therefore, to increase the exchangeable value of the annual produce of the land and labour of the country. It puts into motion an additional quantity of industry, which gives an additional value to the annual produce. What is annually saved, is as regularly consumed as what is annually spent, and nearly in the same time too: but it is consumed by a different set of people.
The owners will agree to be paid by the workers in gold, in paper-money, or in cheques exchangeable for all sorts of commodities, once that toll upon labour is maintained, and the right to levy it is left with them.
Political economy begins with labor; it is developed by labor; and all that does not come from labor, falling into the domain of pure utility, that is, into the category of things submitted to man's action, but not yet rendered exchangeable by labor, remains radically foreign to political economy.
The country would be evidently advancing in wealth, the exchangeable value of the annual produce of its land and labour would be annually augmented, yet the real funds for the maintenance of labour would be stationary, or even declining, and, consequently, the increasing wealth of the nation would rather tend to depress than to raise the condition of the poor.
With excellent good sense and no small courage, he accepted things as they were; he felt his individuality in no way diminished by the circumstance that it was intermittent or exchangeable; and perhaps it seemed no more strange to him than the nightly falling asleep of all mankind does to them.
In considering the condition of the lower classes of society, we must consider only the real exchangeable value of labour; that is, its power of commanding the necessaries, conveniences, and luxuries of life.
"Some time after the failure of this negotiation for a general cartel, Howe proposed that all prisoners actually exchangeable should be sent into the nearest posts, and returns made of officer for officer of equal rank, and soldier for soldier, as far as numbers would admit; and that if a surplus of officers should remain, they should be exchanged for an equivalent in privates.
As for the man who takes his bribe, for the sake of convenience, in the direct, portable, and exchangeable form of a sovereign, he lays it out in any pleasure or distinction he, on his part, has a fancy for.
We shall see directly how from the combination of these two zeros unity springs forth, or the idea which dispels the antinomy. Thus, in value, there is nothing useful that cannot be exchanged, nothing exchangeable if it be not useful: value in use and value in exchange are inseparable.
In the preceding examples the useful value exceeds the exchangeable value: in other cases it is less. Then the same phenomenon is produced, but in the opposite direction: the balance is in favor of the producer, while the consumer suffers. This is notably the case in seasons of scarcity, when the high price of provisions is always more or less factitious.
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