Reflections Upon Circulating Medium, Currency, Prices, Commerce, Exchanges [&C.] with Reference to the Present State of the Country

Reflections Upon Circulating Medium, Currency, Prices, Commerce, Exchanges [&C.] with Reference to the Present State of the Country

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1817 edition. Excerpt: ...long to be produced. Thus suppose in one district, or on one farm, a certain quantity of labour produces only a hundred quarters of wheat, whilst a similar quantity produces on another a hundred and thirty quarters, and the whole is sold at the cost or natural value of the former, it cannot be said that the exchangeable value of the latter is relative to the quantity of labour required for its production. Again, what proportion does the labour in breeding and rearing bear to the general value of carriage and saddle horses? and indeed, during a long period which has just passed, you might have said the same of farming horses. Then, as to manufactured articles, the value of the raw materials is affected by other circumstances than the labour in their production and delivery at the manufactory; taxation, an advanced rate of insurance and freightage in war, &c.; and in all cases profit on capital must be taken into consideration, that part of the value is not labour. Also, the scarcity, beauty, or superior quality of an article enhance its value; particular sorts of raw materials arc rare, and of superior quality, as well such as are used in forming the article itself as others made use of in dyeing, &c. Diamonds are generally rated out of all proportion to the labour bestowed upon them. Gold, from its scarcity and beauty, would always be more costly than silver, which, is more abundant, and generally considered less beautiful, were the labour applied to each just the same; silver would have a similar preeminence over some other articles that might not require perhaps less labour in their production for use, Variations in wages must equally affect natur ral price as if more or less labour were employed, though the contrary has been supposed...show more

Product details

  • Paperback | 48 pages
  • 189 x 246 x 3mm | 104g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236632540
  • 9781236632548