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Show 124 ON TlJE NATURE AND ( GH. II. n1ences of life, they must in general be allowed to depend still more upon labour than corn, because in general more labour is employed upon them - after they con1e fron1 the soil. And as, all other things being equal, the quantity of labour which a con1n1odity \vill con11nand \vill be in proportion to the quantity which it bas cost; we n1ay fairly presume that the inflnence of the different quantities of labour \vhich a con1moclity n1ay have cost in its production, will be suffiGiently taken into consideration in this estimate of value, together with the further consideration of all those circun1stances, besides the labour actually employed on then1 in which they are not equal. 1.,he gre.at pre-en1inence of that measure of value, which consists in the quantity of labour which a co1nmodity \\rill con1- tnand, over that which consists in the quantity of labour which has been actually en1ployed about it, is, that while the latter involves n1erely one cause · of exchangeable value, though in general the most considerable one; the for1ner, in addition to this cause, involves all the different circumstances \vhich influence the rates at which con1modities are ac-tually exchanged for each other. 1 t is evident that no commodity can be a good tneasure of real value in exchange in different places and at distant periods, \vhich is not at the sa1ne time a good measure of no1ninal value in these places and at these distant periods; and in this respect it n1ust be allo\ved, that the quantity of common labour that an article will con11nand, ,vhich necessarily takes into account every cause that in- SEC.. VI.] MEASURES OF VALUE. 125 fluences exchangeable value, is an unexceptionable measure. ... It shou)d be further ren1arkecl, that although in ddfer~nt countries and at distant periods, the same quant~t! of labour will command very different ~uantttJes ~f corn-. the first necessary of life; yet In the progress of unproven1ent .. and civilization it generally happens, that when labour commands the small~st quantity of food, it comn1ands the greatest quantity of other commodities, and whei1 it comtnands the greatest quantity of food, it comnlands the _smallest quantity of other necessaries an~ convenie:nces; .so that \vhen, in two countries, or In t\vo penods differently advanced in improveJnent, two obj~cts command the san1e quantity of laboui~, they Will often conlmand nearly the same ~uantity of the necessaries and conveniences of l~f~, although they nlay conlmand different quanti ties of corn. . It must he allowed then that, of any one c~mmodity, t~e qu~ntity of common day-labour which any. article Will· con1mand, appears to approach the neat est t~ a measur~ of real value in exchange. f· But· st till, labour, hke all other commodif · 1 . Ies, varies lOrn I s ~ enty or scarcity conlpared with the de- Inand ~or It, and, at different tinles and in different ccruntl'Ies, cornnlands very different quantities of tl~e first necessary of life; and further, fronl the chffer~nt deg.rees of skill and of assistance fron1 machmery Wit~ which. labour is applied, the products of labout are not 111 proportion to the quantit exerted. Consequently.. ' labour' 1n aiJY se nse 1.Y11 • |