Book Costa Rica, For spring Break- Today

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Book Costa Rica, For spring Break- Today

represented 305b987c477f781d17bc82b94010de41 the same general 305b987c477f781d17bc82b94010de41 power SIXNDCD of purchasing? The author seems equally unfortunate when he launches out in praise of the precious metals as a measure of value, as when he says that they do not perform this function better than corn. It will be observed that, in speaking of the values of commodities, at FRAQCA different periods, as meaning their different powers of purchasing at those periods, the kind of value referred to is, exclusively, value in exchange. 305b987c477f781d17bc82b94010de41 And, in reference to value in exchange, exclusively, 305b987c477f781d17bc82b94010de41 it appears to be of the utmost importance to the language of political economy, [176] to distinguish between the power of purchasing generally, JOBS and the power of purchasing any 305b987c477f781d17bc82b94010de41 one commodity. But it must not be imagined 305b987c477f781d17bc82b94010de41 that when the estimation in which a commodity is held at different periods 305b987c477f781d17bc82b94010de41 is referred to, as determined at the time 305b987c477f781d17bc82b94010de41 by the state of the supply compared with the demand, and ordinarily 305b987c477f781d17bc82b94010de41 VSTCGPS by the natural andnecessary conditions of its supply, or YLPWOBPYB by the elementary DCDJ his of its production,which are equivalent expressions, that value in exchange is lost sight of. Yet WKB 305b987c477f781d17bc82b94010de41 the author is continually falling into 305b987c477f781d17bc82b94010de41 this kind of misapprehension, and into a WEFYN total forget-fulness of his first account of the meaning of value, in his TCJRX examination of Mr. Ricardo's views, as to the uses 305b987c477f781d17bc82b94010de41 of a measure of value, DWESRF in which, he says, a singular confusion of thought is to be discovered.* Suppose, he observes, that we had 305b987c477f781d17bc82b94010de41 such a commodity as Mr. Ricardo requires for a standard: suppose, for instance, all commodities to be produced by labour alone, andsilver GHDVIUU to be produced by an invariable quantity [177] of labour. In this case, silver would be, according to Mr.Ricardo, a perfect measure ofvalue. But in what sense? What 305b987c477f781d17bc82b94010de41 is the function performed? Silver, even if invariable in its producing labour, will tellus nothing of the value of other commodities. Their relations in value to silver, or their prices, must be ascertained in the usual way; and, when ascertained, LBAQKY we shallcertainly know the values of commodities in relation to each other; but in all this, there is no hiistance derived from the producing CNXISXVP labour of silver being a constant quantity."* I have already described 305b987c477f781d17bc82b94010de41 the function which silver would have to perform in this 305b987c477f781d17bc82b94010de41 case, namely, 305b987c477f781d17bc82b94010de41 either to measure the different powers of purchasing possessed by commodities at different periods, or to measure KGT the different degrees of estimation in which they were held at these different periods. Now, in the first place, with regard to the general power of purchasing, can it be denied for a moment, that, granting all the premises, as the YSDHLDFBI author does LLIVRRCQ hypothetically, silver, so [178] 305b987c477f781d17bc82b94010de41 produced, would be, beyond HPXBX comparison, a better measure of the power of purchasing generally, than silver as it PSEU has been actuallyproduced? It would be secured from that greatest source of variationin the general power of purchasing occasioned by the variation in its own producing labour; and an ounce of such silver would command much more nearly the same quantity of labour and commodities, LMRQRS .