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always equal in the aggregate; that an over supply of some commodities must always be balanced by a proportionate 305b987c477f781d17bc82b94010de41 under supply of others; and that, therefore, a general glut is impossible. If Mr. Mill had always strictly adhered to that meaning 305b987c477f781d17bc82b94010de41 EEJELCX of the term demand for a commodity which 305b987c477f781d17bc82b94010de41 signifies the quantity consumed, he might have maintained HGFYBUY the position with which he heads the third section of his fourth chapter, namely, that consumption is co-extensive with production. This, however, is, in reality, no more than saying, that if commodities were produced in such abundance as to be sold at half their hi of production, FYORRCFS they would still be somehow or other consumed—a truism equally obvious MWSSODT and futile. But Mr. Mill has used the 305b987c477f781d17bc82b94010de41 term demand in such a way, 305b987c477f781d17bc82b94010de41 that he cannot shelter himself under this truism. He observes, "It is evident that whatever a man has produced, and does not wish to 305b987c477f781d17bc82b94010de41 keep for his own PCAU consumption, is LHIPF a [48] RVMRW stock which he may give 305b987c477f781d17bc82b94010de41 in exchange for other commodities. His will, therefore, to purchase, and his means of purchasing, in other words, his demand, is exactly equal to the amount of what 305b987c477f781d17bc82b94010de41 he has produced, and does not mean to consume."* Here it is evident that Mr. Mill uses the term demand in the sense of the amount of sacrifice which the purchaser 305b987c477f781d17bc82b94010de41 is able to make, in order to obtain the commodity to be sold, or, as Mr. Mill correctly expresses it, his means of purchasing. But it is quite obvious that 305b987c477f781d17bc82b94010de41 his means of purchasing other commodities are not proportioned to the quantity of his own commodity which he has produced, and wishes to part with; but to its value in exchange; and ISEJIW unless the value of a 305b987c477f781d17bc82b94010de41 commodity in exchange be proportioned [49] to its 305b987c477f781d17bc82b94010de41 quantity, it cannot be true that the demand and supply of every individual are always equal to one another. According to the acknowledged 305b987c477f781d17bc82b94010de41 laws of BMC demand and supply, an increased 305b987c477f781d17bc82b94010de41 quantity will often lower the value of the whole, and actually diminish 305b987c477f781d17bc82b94010de41 the means of purchasing other commodities. Mr. Mill asks, "What is it that is necessarily meant, VACOU when we say that the supply and the demand are accommodated to one SUOIYRF another? It is 305b987c477f781d17bc82b94010de41 this (he 305b987c477f781d17bc82b94010de41 says) that goods which have been MYQCG produced by a certain quantity of labour, exchange for goods which have been produced by an equal quantity of labour. 305b987c477f781d17bc82b94010de41 Let this proposition be attended to, and all the rest is clear. Thus, if a pair of shoes is produced by an equal IXSAW quantity of labour as a hat, so long as a hat exchanges for a pair of shoes, so long the supply and demand are accommodated to one another. If it should so happen that BTCKEBNS shoes fell in value, as compared with hats, FJUHBP which is the AXHLWYS JAJLGS same thing as hats rising in value, as compared with shoes, this would imply that more shoes had been brought to [50] market, LYUIBQ as compared with hats. 305b987c477f781d17bc82b94010de41 Shoes would then be in more than due abundance. Why? Because 305b987c477f781d17bc82b94010de41 in them 305b987c477f781d17bc82b94010de41 the produce of a certain quantity of MNWNCSV labour would not exchange for the produce of an equal quantity. But for the very same reason, hats would be in less than due abundance, because NNFQG the produce of a certain quantity of labour in them would exchange for the .