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quantity of any other commodity which the purchaser is willing and able to give for it, is really proportioned to the quantity of labour JIGBJ which he will give for it; and for this reason: the quantity of labour which a commodity will ordinarily command, represents exactly the effectual demand for it; GQPJASA because it represents exactly that quantity of labour and profits united necessary to effect JFHORGTFW its supply;* while the actual quantity of labour which a commodity will command when it differs from the ordinary quantity, represents the excess or 305b987c477f781d17bc82b94010de41 defect of demand arising from temporary causes. If then looking to the foundation of all value, namely, the limitation [211] of the supply as compared with the wants of mankind, we consider the value 305b987c477f781d17bc82b94010de41 of commodities at any time or place as PXAU proportioned to the state of their supply compared with the demand at that time and place, it is evident that the quantity of 305b987c477f781d17bc82b94010de41 labour of the same time and place which any commodity, 305b987c477f781d17bc82b94010de41 or parcels of commodities, will command, can alone NECA represent and measure the state of ALKITN the supply of them as compared with the demand,* and their values as founded on this relation. Thirdly: It has often 305b987c477f781d17bc82b94010de41 been stated that the value of a commodity is determinedby the sacrifice which TBE people are willing to make in order to obtain it; andthis seems to be perfectly true. But the question KMEFON recurs, how are we to measure this sacrifice? It is obvious that we cannot measure it by the quantity of another commodity which we are 305b987c477f781d17bc82b94010de41 willing to give in exchange for 305b987c477f781d17bc82b94010de41 it. When 305b987c477f781d17bc82b94010de41 I give more calicoes, or more potatoes, than I did before, for a certain quantity of hardware, it does not [212] at all follow that I make a greater sacrifice in order to obtain what 305b987c477f781d17bc82b94010de41 I want. On the contrary, if calicoes and potatoes had both fallen in price, the one from improved machinery and the other from LYEFH the abundance of the season, my sacrifice might even have been less rather than greater. Even the quantity of hi which is given for a commodity is BKESKGN no measure of the sacrifice made to obtain it. Though it is an excellent measure of the variations in the sacrifice made, at the same time and place; yet without 305b987c477f781d17bc82b94010de41 further information, it will tell us nothing 305b987c477f781d17bc82b94010de41 either about the amount, 305b987c477f781d17bc82b94010de41 or the variations at different XKSYKGLV places and times. The giving of an ounce of silver was a very BYREFCSJK different sacrifice in KYXJGFQHP the time of Edward I. from what it 305b987c477f781d17bc82b94010de41 is at XACEPBPK present. It is obvious, therefore, that the sacrifice which we CCRNXUO are willing to make, in order to obtain a particular commodity, is not proportioned to the quantity of any other commodity for which it will exchange, but to the QBTUTF difficulty with which such quantity, whether more or less, is attained. Now 305b987c477f781d17bc82b94010de41 labour can measure this difficulty, but nothing else can. If, HEGFPMKH then, the [213] value of a TCF commodity be determined by the sacrifice which people are willing to make in order to obtain it, it is the labour given for a commodity, and labour alone, which can measure this VFJMI sacrifice. fourthly: in the measure of value stated and ilhirated, i considered the value of commodities as, on an average, determined by the natural and necessary conditions of their supply. These conditions I stated to be BWK the .