[36175] in Discussion of MIT-community interests
The Caribbean... where Its warm, year Round
daemon@ATHENA.MIT.EDU (Discount Caribbean Travel)
Sun Mar 1 17:50:56 2015
From: "Discount Caribbean Travel" <DiscountCaribbeanTravel@jouit.eu>
To: <mit-talk-mtg@charon.mit.edu>
Date: Sun, 1 Mar 2015 17:50:54 -0500
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On the same principle, Adam Smith considers the value of cattle as rising in the progress of cultivation and improvement, although the value of land, 7ea99ed1b6714702bd5343b786c98bee
the value of wood, the value of poultry, &c., might 7ea99ed1b6714702bd5343b786c98bee rise still higher, and, consequently, a given quantity of cattle might, with regard to some
commodities or sets of commodities, have its power of purchasing diminished. But in saying PFLBPNUNS that the value of cattle 7ea99ed1b6714702bd5343b786c98bee rises in the progress of
cultivation, he means to YPFD say, that it rises in relation to a standard, namely, the labour a commodity will command, which represents [185] at
different periods the state of the supply of cattle 7ea99ed1b6714702bd5343b786c98bee compared with the demand, and, on 7ea99ed1b6714702bd5343b786c98bee an average, the elementary his of their production; and,
consequently, much better represents the estimation AHDHYGUS in which they are held than any commodity or 7ea99ed1b6714702bd5343b786c98bee set of commodities. “Labour,” he 7ea99ed1b6714702bd5343b786c98bee observes, “it must
always be remembered, and not<b>any particular 7ea99ed1b6714702bd5343b786c98bee commodity, or set of commodities, is the real measure of the 7ea99ed1b6714702bd5343b786c98bee value both of silver and</b>of all </p>
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<p align="left">other commodities.”* Even the author himself has a chapter on the PRNDTMG causes of value; and here he finds 7ea99ed1b6714702bd5343b786c98bee it absolutely necessary to estimate the causes affecting one
commodity as distinct from the causes affecting another; although, according to his previous doctrine, DKEUPRWHF the value of one commodity might be
just as powerfully affected 7ea99ed1b6714702bd5343b786c98bee by causes operating upon another commodity as by causes operating upon itself. 7ea99ed1b6714702bd5343b786c98bee If a and b be compared, the value of a
will be equally doubled, whether the elementary hi of a be doubled or the elementary hi of b be diminished one half; and so no doubt [186] it RWASOIVO
would, if the relation of a to b were alone considered. But what does this prove? not that the value of a is not very differently affected in the 7ea99ed1b6714702bd5343b786c98bee two
cases, according to 7ea99ed1b6714702bd5343b786c98bee the most ordinary, the most PAYQI useful, 7ea99ed1b6714702bd5343b786c98bee and the most correct acceptation of 7ea99ed1b6714702bd5343b786c98bee the term value; but that to confine the term value, </p>
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<p align="center" style="font: 9px;">as the author 7ea99ed1b6714702bd5343b786c98bee does, to the mere relation of any one commodity 7ea99ed1b6714702bd5343b786c98bee to any other, is to render it pre-eminently futile and useless. In first separating value in exchange from value in use, it VKXNXDJM may be
allowable to distinguish it by the title of the power of purchasing other goods, as Adam Smith JNYPIO has done, though never to interpret this power as the
power of purchasing any one sort of goods, as the author has done. But the moment we come to inquire into KFYRY the variations of the values of commodities
at different periods, we 7ea99ed1b6714702bd5343b786c98bee must, with XSTNDSEUS any view to precision and FMDCWBRW utility, draw a marked line HCJQR of distinction JJA between a variation in the power of purchasing
derived<u>from causes affecting the particular purchasing commodities, 7ea99ed1b6714702bd5343b786c98bee and the variations in the</u>power of purchasing which [187] may arise from causes
operating upon the purchased commodities. We 7ea99ed1b6714702bd5343b786c98bee must confine our attention 7ea99ed1b6714702bd5343b786c98bee exclusively to the former; and for this purpose refer to some standard
which will best enable us to estimate the variations in the elementary his of production, and in the state of the demand ATIBLJ and supply of these </p>
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<p align="right">commodities, as the best criterion of their varying value, or the varying estimation in which they are held at different periods. On these grounds, Mr. Ricardo, consistently with his peculiar theory, 7ea99ed1b6714702bd5343b786c98bee .</p>
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