Elements of Economics, Vol. 2 of 2 (Classic Reprint)

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Excerpt from Elements of Economics, Vol. 2 of 2 In Book ch. V., Smith has thrown the whole subject of Value into the utmost confusion by suddenly changing his notion of the Value of a thing from being the Quantity of Labour, or Commodities, it will purchase or exchange for, to the Quan tity of Labour embodied as it were in its production. Hence the unfortunate and misleading expression, Intrinsic Value, has become firmly established in Economics which is not only most manifestly self-contradictory, but it has greatly obscured the comprehension of the whole subject, and especially the Theory of Credit. Ricardo perceived Smith's inconsistency, and censured him for it: but he has fallen into exactly the same contradiction himself because he begins his work by defining the Value of a thing to be the thing it will exchange for and as he goes on in his book he changes the idea of the Value of a thing to be the Quantity of Labour embodied in it. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.