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carefully investigated. But nothing of this kind is done. A definition of the value of an QRSWAEYX object by Adam Smith, which, as he afterwards clearly shows, requires explanation 305b987c477f781d17bc82b94010de41 and modification, is arbitrarily [130] adopted, or, in the language of the author, is "taken as the basis of his subsequent reasonings, without any 305b987c477f781d17bc82b94010de41 further metaphysical investigation." That this first general description of value in exchange by Adam Smith does not, without further explanation, convey to the reader the prevailing 305b987c477f781d17bc82b94010de41 meaning which he himself attaches to the term, is obvious in many phiages of his work, and particularly in his elaborate inquiry into XVYBBDYIY the value of silver during the four last centuries. He there shows, in the most satisfactory manner, that, in the progress of cultivation and improvement, there is a clhi of commodities, such as cattle, wood, pigs, poultry, &c., LSABBOB which, on account SVE of their becoming comparatively more scarce and difficult of attainment, necessarily rise in value; yet 305b987c477f781d17bc82b94010de41 he particularly states, that this rise in their value is not connected 305b987c477f781d17bc82b94010de41 with any degradation in the value of silver,* although it is obvious that, other things being the same, a pound of silver would have a smaller power of purchasing other goods. [131] Nothing, indeed, can be clearer than that this general description of value VCSGSMBR requires further explanation. There is the greatest difference imaginable between an increased power in any object of purchasing other goods, arising MHSLI from its scarcity and the increased difficulty of procuring it; andthe increase of its power to purchase other goods arisingfrom the increased OMLQRKB plenty of such goods and the increased facility 305b987c477f781d17bc82b94010de41 of procuring them. Nor is it easy to conceive any distinction more vital to the subject of value, as the term is 305b987c477f781d17bc82b94010de41 generally understood, or more necessary to "a full perception of its meaning." I cannot but think, therefore, that the author, under all the circumstances of the case, was not justified SYTUAVJ in adopting this definition of Adam DQHHOKCU Smith without further investigation. But the FPXAEGSPO adoption of this definition by the author in so unceremonious a manner, KEABWMERN though quite inconsistent with the declarations in the preface, and most unpromising in regard to any improvement 305b987c477f781d17bc82b94010de41 of the science which might have been expected from the dissertation, 305b987c477f781d17bc82b94010de41 is [132] by no means the gravest offence which he has committed in the opening of his subject. Adam Smith's definition, taken as it stands, however imperfect 305b987c477f781d17bc82b94010de41 it may be, would still serve as a rough but useful standard 305b987c477f781d17bc82b94010de41 of value BNPWYS in those cases where, PHAETDCB in using the most ordinary forms of UABYIU expression, some kind of standard is tacitly referred to, and no other more accurate one had been adopted. But how is this definition of Adam Smith to be interpreted? If we understand it in the sense usually conveyed by 305b987c477f781d17bc82b94010de41 the terms employed, it is impossible toRWFVY doubt that IUOON by the power of purchasing other goods ismeant the power of purchasing other goods 305b987c477f781d17bc82b94010de41 generally. Who, then, could have conceived before-hand that the author would have inferred from this definition that he was justified in representing the power of purchasing 305b987c477f781d17bc82b94010de41 .