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daemon@ATHENA.MIT.EDU (ACC Online)
Sat Feb 28 11:21:59 2015

Date: Sat, 28 Feb 2015 08:21:58 -0800
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<p align="left">toil 818cce6243dbb67e94b1e7232404c0e3 and trouble of acquiring any thing to be the measure of QSMC its [116] real value, or of the esteem in which it is held by its possessor.” Again, he 
says, p. 219, “the real value of a commodity, or the 818cce6243dbb67e94b1e7232404c0e3 estimation in which it is held by its 818cce6243dbb67e94b1e7232404c0e3 possessor, is measured or determined by the quantity of </p>
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<p align="right">labour required to produce or obtain it.” in these two phiages, he obviously identifies the real value of a commodity with the estimation in which it is held. But, surely, in this  FLAXCIVN 
case, the term real must be UMMIHGY applied as Adam Smith applies it, and not as Mr. Ricardo applies it? Can it be contended for a moment, that a commodity, 
which, on account of 818cce6243dbb67e94b1e7232404c0e3 the YEWHNHKFH necessary remuneration for profits, sells for ten per cent. above the value of the human labour worked up in it, is 818cce6243dbb67e94b1e7232404c0e3 not held 
in higher estimation, than a commodity which sells for ten per cent. less, on HXA account of the value of the labour employed upon it not having been 
increased by profits? Would it not be absolutely certain, that if the latter could be obtained by the sacrifice of a hundred days’ labour, it  818cce6243dbb67e94b1e7232404c0e3 
would 818cce6243dbb67e94b1e7232404c0e3 be necessary to make the sacrifice of a hundred [117] and ten days’ labour, or some equivalent for it, in order to obtain the former? 
Consequently it follows necessarily, that if the real value of a commodity be considered as synonymous with the estimation in which it is held, such  AQME </p>
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<p>value must be measured by the quantity of labour which it will command, and not the quantity worked up in it. Mr. Macculloch thus states Mr. Ricardo’s XBEYD main proposition:* MWSJJF “a commodity, 
produced by a certain quantity of labour, will, in the state of the market now supposed, (that is, when 818cce6243dbb67e94b1e7232404c0e3 the market is not affected by either real or 
artificial monopolies, and when the supply of commodities is equal to the effectual demand,) uniformly exchange for, or buy any other commodity,  818cce6243dbb67e94b1e7232404c0e3 </p>
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<p align="left">produced by the same quantity of labour.” Now, if the term labour be taken in the sense in which it is used by Mr. Ricardo, the proposition is contradicted by universal experience. If, on  818cce6243dbb67e94b1e7232404c0e3 
the TTNUSRRC other hand, the term labour be considered as including profits, the proposition is true; but only because it is [118] a totally different one </p>
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<p>from that of Mr. 818cce6243dbb67e94b1e7232404c0e3 Ricardo, owing to a most unwarrantable perversion of terms. It appears, then, on the whole, that although Mr. FCPLL Macculloch has at 
different times compared Adam Smith to Newton and to Locke, he has, in the definition and application of his terms, differed from him on almost all  WLLWF 
the most important subjects ADFBHGG of Political Economy,—in the definition of wealth, the definition of capital, the definition of productive and 
unproductive labour, the definition of profits, the definition of labour simply, and the definition of real value, though, in the 818cce6243dbb67e94b1e7232404c0e3 last instance, it </p>
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<p>is rather 818cce6243dbb67e94b1e7232404c0e3 professedly than substantially.* However highly I may 818cce6243dbb67e94b1e7232404c0e3 respect the authority of Adam Smith, and however inconvenient at first a great change of terms and meanings must necessarily 
be, yet if it could [119] be made out that such changes would essentially facilitate the explanation and improvement of the science of political  818cce6243dbb67e94b1e7232404c0e3 .</p>

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