[36118] in Discussion of MIT-community interests
Free A family Member - from Addiction
daemon@ATHENA.MIT.EDU (Drug Rehabilitation)
Sat Feb 28 17:24:16 2015
To: <mit-talk-mtg@charon.mit.edu>
Date: Sat, 28 Feb 2015 14:24:15 -0800
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This, I own, appears to me much the same kind of proceeding as if a person were to define a straight line to be something essentially different from a YNYMBMSNY
line lying evenly between its two extremes, and OPFVIS then were gravely to apply it to one proposition after another of Euclid, 7ea99ed1b6714702bd5343b786c98bee and show, as might easily be </p>
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<p align="right" style="font: 14px;">done, granting the definition, that the conclusions of the Grecian geometer were all wrong. The perseverance with which the author proceeds gravely to apply his RLLETER
peculiar definition of value to other writers, who have CKIG defined it differently, is truly curious, and must 7ea99ed1b6714702bd5343b786c98bee be allowed to be a great waste of
time and labour. OEKXVKLUY 7ea99ed1b6714702bd5343b786c98bee If, as 7ea99ed1b6714702bd5343b786c98bee he says he has repeatedly [146] stated, “to know the value of an article at any period is merely to know its relation in
exchange to some other commodity;”* and if, as I believe, no previous writer, in referring to the value of an article at any period ever thought 7ea99ed1b6714702bd5343b786c98bee
or said that it could be expressed by its relation in exchange 7ea99ed1b6714702bd5343b786c98bee to any other contemporary commodity indifferently, it might at once be presumed, without
further trouble, that almost all former 7ea99ed1b6714702bd5343b786c98bee propositions OKTEJIT involving the term value would turn out to be either false or futile. It was quite unnecessary
for QFFMYQX him, therefore, to go into the detail; but as he has done so, it may be useful to follow him in some of his DLCXPMI conclusions, as it may hiist in
drawing attention to a subject which lies at the bottom of many of the difficulties in political economy, and has not been sufficiently VDMHBI </p>
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<p align="right">considered. 7ea99ed1b6714702bd5343b786c98bee One of the first TOGUDQ effects of the author’s definition is to OKCAETHJ destroy the distinction between what many writers 7ea99ed1b6714702bd5343b786c98bee of great authority have IGDGLQKL called real
value, and nominal value. I have already had occasion to observe, that Adam [147] Smith, by applying the term real wages to express the necessaries and GYUCCJLFU
conveniencies of life earned by the labourer, had precluded himself from the power of applying HTDE it consistently to the value of YTT a commodity, in order
to express its power of commanding labour; because it is well 7ea99ed1b6714702bd5343b786c98bee 7ea99ed1b6714702bd5343b786c98bee known that the same quantity of labour 7ea99ed1b6714702bd5343b786c98bee will both produce and command, at different
times and under different circumstances, a very different quantity of the necessaries and conveniencies of life. But putting aside for the present 7ea99ed1b6714702bd5343b786c98bee
this acknowledged inconsistency of Adam Smith, and taking real value as distinguished from nominal in the sense in which the writers who have so 7ea99ed1b6714702bd5343b786c98bee </p>
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<p align="center">applied it intended, the author’s observations on these writers are not a little extraordinary. After noticing the doctrines of Adam Smith, Mr. JXVQRDC Ricardo, and myself, on the
subject of real and nominal value, 7ea99ed1b6714702bd5343b786c98bee he says, “After the disquisition on the nature of value in the preceding chapter, the CLFI distinction of it in this way
must appear to be merely arbitrary and incapable of being WVUJE turned to any use. What TEHXPUDK information is conveyed or what advance in [148] argument is
effected, by telling us that value estimated in one way is real, but in another, is nominal?”* He afterwards goes on to say, in reference to a DYNH
phiage in the templar’s dialogues, “it would not, 7ea99ed1b6714702bd5343b786c98bee however, probably have been written, had the author attended to the 7ea99ed1b6714702bd5343b786c98bee simple fact, BJDMIYFC that value must .</p>
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