A System of Political EconomyTrübner and Company, 1877 - 625 pages |
Contents
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Common terms and phrases
able Adam Smith adopted advantage afford agricultural amount Australia bank notes Bank of England bankers bills bullion capital capitalists cause cent cheques circulation classes colonies commercial commodities compel competition corn Corn Laws cost debt demand depreciation diminished discoveries division of labour duty effect employed enable engaged English equal exchange exportation fact fall favourable foreign former France give gold coin Government greater hectolitres higher important inconvenience increase induce industry interest issue kilogramme land latter legal tender loan maintained manufacturers means metal necessary object obtain paid payment persons Political Economy population possess present produce proportion purchase quantity of gold railway raise rate of profit rate of wages reason receive reduced rent Ricardo rise seigniorage silver coin society sufficient supply supposed theory trade value of gold value of money waste land wealth wheat whole
Popular passages
Page 96 - Equal quantities of labour, at all times and places, may be said to be of equal value to the labourer. In his ordinary state of health, strength and spirits; in the ordinary degree of his skill and dexterity, he must always lay down the same portion of his ease, his liberty, and his happiness.
Page 104 - The word VALUE, it is to be observed, has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called ' value in use;' the other, * value in exchange.
Page 524 - The only case in which, on mere principles of political economy, protecting duties can be defensible, is when they are imposed temporarily (especially in a young and rising nation) in hopes of naturalizing a foreign industry, in itself perfectly suitable to the circumstances of the country.
Page 524 - But it cannot be expected that individuals should at their own risk, or rather to their certain loss, introduce a new manufacture, and bear the burden of carrying it on until the producers have been educated up to the level of those with whom the processes are traditional. A protecting duty, continued for a reasonable time, will sometimes be the least inconvenient mode in which the nation can tax itself for the support of such an experiment.
Page 96 - Labour alone therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared.
Page 146 - ... first, the agreeableness or disagreeableness of the employments themselves ; secondly, the easiness and cheapness, or the difficulty and expence of learning them; thirdly, the constancy or inconstancy of employment in them; fourthly, the small or great trust which must be reposed in those who exercise them; and fifthly, the probability or improbability of success in them.
Page 92 - The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities.
Page 89 - Happily, there is nothing in the laws of Value which remains for the present or any future writer to clear up; the theory of the subject is complete...
Page 534 - POLITICAL ECONOMY, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people or, more properly, to enable them to provide such a revenue or subsistence for themselves; and, secondly, to supply the state or commonwealth with a revenue sufficient for the public services. It proposes to enrich both the people and the sovereign.
Page 91 - The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What everything is really worth to the man who has acquired it, and who wants to dispose of it or exchange it for something else, is the toil and trouble which it can save to himself, and which it can impose upon other people.