...light the arbitrary nature of the notions which he has adopted. " Adam Smith, who so accurately defined the original source of exchangeable value, and who...was bound in consistency to maintain that all things become more or less valuable in proportion as more or Jess labour was bestowed on their production,...

...perceived this inconsistency, and justly censured him for it ; "Adam Smith, who so accurately defined the original source of exchangeable value, and who...more or less valuable in proportion as more or less labor was bestowed upon their production, has himself erected another standard measure of value, and...

...is Ricardo, who perceiving this incongruity, says p. 5. — "Adam Smith, who so accurately defined the original source of exchangeable value, and who...consistency to maintain, that all things became more or PRINCIPLES OF ECONOMICS. [CHAP. III. \at>, less valuable in proportion, as more or less labour was...

...materials employed in its production. In this way we are led to Ricardo's view that " all things be"come more or less valuable in proportion as more or less " labour was bestowed on their production V By this Ricardo does not merely mean that, with certain qualifications, the " comparative quantity...

...on which it is exercised, as every diminution must lower it. Adam Smith, who so accurately defined the original source of exchangeable value, and who was bound in consistency to mairi* Book i. chap. 5. tain, that all things became more or less valuable in proportion as more or...

...a>iv other commodity for which it will exchange." He then says, "Adam Smith, who so accurately defined the original source of exchangeable value, and who...labour was bestowed on their production, has himself another standard measure of value, and speaks of things being more or less valuable in proportion as...

...inconsistencies in Smithian value theory. He had lamented that: Adam Smith who so accurately defined the original source of exchangeable value and who...labour was bestowed on their production has himself created another standard of value . . . after most ably showing the insufficiency 84 D. Ricardo, Principles,...

...on which it is exercised, as every diminution must lower it. Adam Smith, who so accurately defined the original source of exchangeable value, and who...more or less valuable in proportion as more or less labor was bestowed on their production, has himself erected another standard measure of value, and...

...on which it is exercised, as every diminution must lower it. Adam Smith, who so accurately defined ghteen distinct labor was bestowed on their production, has himself erected another standard measure of value, and...