Vietnam or Thailand ? Vote for the TOP Country of the Week !
Updated: May 19, 2025
It is little to have pointed out this astonishing contrast between useful value and exchangeable value, which the economists have been in the habit of regarding as very simple: it must be shown that this pretended simplicity conceals a profound mystery, which it is our duty to fathom.
If the price be higher, the whole of the supply will not be disposed of, and the sellers, by their competition, will bring down the price. If the price be lower, there will be found purchasers for a larger supply, and the competition of these purchasers will raise the price. This, then, is what we mean, when we say that price, or exchangeable value, depends on demand and supply.
It is indeed true that in their desperate straits the tribes sold flax, timber, potatoes, mats, tattooed heads, pigs even their precious land for firearms. Without them their lives were not worth a month's purchase. Men and women toiled almost frantically at growing and preparing flax or providing anything exchangeable for muskets, powder and lead.
As in a civilized country there are but few commodities of which the exchangeable value arises from labour only, rent and profit contributing largely to that of the far greater part of them, so the annual produce of its labour will always be sufficient to purchase or command a much greater quantity of labour than what was employed in raising, preparing, and bringing that produce to market.
If, for example, 10 yards of cloth exchange for 18 of linen, England will gain an advantage of 3 yards on every 15, Germany will save 2 out of every 20. The problem is, what are the causes which determine the proportion in which the cloth of England and the linen of Germany will exchange for each other? This, therefore, is a question concerning exchangeable value.
That which gives importance to a book is a fact external to the author and his work. Without the intelligence of society, without its development, and a certain community of ideas, passions, and interests between it and the authors, the works of the latter would be worth nothing. The exchangeable value of a book is due even more to the SOCIAL CONDITION than to the talent displayed in it.
I am what is known as a black sheep a very, very black one." "Yes, you are a retrograde, a renegade, a blackguard and a murderer," I said to him, calmly. "All of those things, and much more," he admitted, cheerfully and calmly. "I am two persons, or more than two. I can't in the least make all this plain to you in your grade of intelligence. Perhaps you have heard of exchangeable personalities?"
By advantage or gain, I understand, not the increase of the quantity of gold and silver, but that of the exchangeable value of the annual produce of the land and labour of the country, or the increase of the annual revenue of its inhabitants.
There is usually a large chest, containing the wardrobe of the family, with such small articles as are liable to loss, and the little store of money. This is always in silver, for the pioneer is no judge of gold, and, on the frontier, paper has but little exchangeable value.
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.
Word Of The Day
Others Looking