Vietnam or Thailand ? Vote for the TOP Country of the Week !
Updated: May 19, 2025
A conception not reducible to the small change of daily experience is like a currency not exchangeable for articles of consumption; it is not a symbol, but a fraud. And yet there is another aspect to the matter. Symbols are presences, and they are those particularly congenial presences which we have inwardly evoked and cast in a form intelligible and familiar to human thinking.
In the archives of the Institute of Paris is an account of Lislet's voyage to the Bay of St. Luce. He points out the exchangeable commodities and other resources which it presents; and urges the importance of encouraging industry by the hope of advantageous commerce, instead of exciting the natives to war in order to obtain slaves.
That part of its own produce with which such a nation purchases foreign goods, must consequently be sold cheaper; because, when two things are exchanged for one another, the cheapness of the one is a necessary consequence, or rather is the same thing, with the dearness of the other. The exchangeable value of its annual produce, therefore, is likely to be diminished by every such treaty.
In his language wages were only said to rise, when they rose not in mere quantity but in value. The rate of profits depends not upon absolute or real wages, but upon the value of wages. If, however, by value, Mr. Ricardo had meant exchangeable value, his proposition would still have been remote from the truth.
And though Europe will still need to be fed and clad and housed, the effectual demand of the population for the goods and services it needs, a demand which it is able to satisfy because of its possession of exchangeable wealth, will be smaller than before the war.
Consequently, value appears successively under three aspects: useful value, exchangeable value, and synthetic, or social, value, which is true value.
First, That the term 'means of subsistence, is not to be restricted to the raising from the land of articles of food, but applies to the extraction from the earth's surface, and the preparation for the use of man, of all productions of Nature, which are either necessary to human existence or adapted for human comfort, and which have, therefore, an exchangeable value; secondly, that the question regarding these, which concerns us in this inquiry, is not how much a given number of men may raise, but how much a given portion of the earth's surface can supply; and what relation this quantity bears to the power of reproduction granted to the human race.
There is no absurdity in the hypothesis, that of some given commodity a certain quantity is all that is wanted at any price, and that when that quantity is obtained, no fall in the exchangeable value would induce other consumers to come forward, or those who are already supplied to take more. Let us suppose that this is the case in Germany with cloth.
These rules determine what may be called the relative or exchangeable value of goods. The word VALUE, it is to be observed, has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys.
Labour and expenditure, of which the direct effect and object are, to endow human or other animated beings with faculties or qualities useful or agreeable to mankind, and possessing exchangeable value.
Word Of The Day
Others Looking