This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 Excerpt: ...or, as he calls it, 'natural price.' James Mill, in refuting him, insensibly adopted the same assumption. If the cost of production of A is ...Read MoreThis historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 Excerpt: ...or, as he calls it, 'natural price.' James Mill, in refuting him, insensibly adopted the same assumption. If the cost of production of A is 100 of 'capital expended, ' and that of B is 200 of 'capital expended, ' 1 B will be worth 2 A, so long as an equal percentage is added for profit to the 100 and the 200. If it be decided, no matter by what illogical arguments, that 'cost of production regulates the exchangeable value of commodities, '4 and that 'the exchangeable value of all commodities is determined by quantity of labour, '5 it is very natural to infer that cost of production must consist of labour alone, that as the remuneration of labour is wages, the whole of the commodity or produce must be resolvable into wages alone, and therefore, that if a part of the produce is profits, profits must be wages. M'Culloch seems to have been. the first to draw this inference. He boldly asserted in the Encyclopaedia Britannica Supplement (1823), that 'the profits of stock are only another name for the wages, / of accumulated labour.'1 James Mill promptly adopted the idea. The second edition of his Elements (1824) contains an addition to the chapter on 'What determines the quantity in which commodities exchange for one another?' In this he says 'there is one phenomenon which is brought to controvert' the conclusion that quantity of labour determines the proportion in which commodities exchange for one another: --1 Prodnction of Wealth, pp. 39, 40. 2 Ibid., p. 51. s Ibid., p. 55. 4 James Mill, Elements, 1st. ed. p. 69. Ibid, p. 73..-. 'It is said that the exchangeable value of commodities is affected by time, without the intervention of labour; because when profits of stock must be included, so much must be added for every portion of time which the...Read Less
Good. 1967 Hardcover. xi, 336 p. Former Library book. Reprint of the 3d ed., 1917.; Bibliography: p. 323-336. Shows some signs of wear, and may have some markings on the inside. Shipped to over one million happy customers. Your purchase benefits world literacy!
pp. xv, 422, hardback, covers flecked and spine, which was sunned, has been restained, matching the covers and making the gilt lettering very legible again, a VG copy (no dustwrapper) A reprint of the 1917 third edition.
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