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Show 338 OF THE DISTINCTIO~ BET"\VEEN [ CH. Vr. thoucrh still by no n1eans the satne, are much more nearl~ connected than they have sometimes been supposed to be. . .. In considering the dtfferent ·quantities of the san1e con1modity which, under different circumstances, have the same ex~hangeable value, the di~tinction is indeed perfectly obvious. Stoc~<:ings do not lose half their po,ver 'of contributing to the con1fort a~1d .convenience of the wearer, because by itnproved machinery they can be tnade at half the price, or their exchangeable value be reduced one half. It 'vill be readily allowed that the n1an who has t"vo pairs of stockings of the same quality instead of one pair, possesses, as far as stockings are concerned, a double portion of the conveniences of life. · Yet even in this case he is not in all respects doubly rich. If, indeed, he means to use them hin1self, he really has twice as much 'vealth, but if he nieans to exchange them for other con1tnodities, he has not; as one pair of stockings, undet certain circumstances, may comn1and more labour and other commodities than even t\vo or even three pairs after very great improvements have beentnade in the machinery used in producing thetn. In all cases however of this description, the nature of the difference bet,veen 'vealth and value is sufficiently n1arked. But when we con1e to co1npare objects of different kinds, there is no other way of estimating the degree of wealth ,vhich the possession and enjoymelit of then1 confer on the o\vner, than by the CJI. VI.] WEALTH AND VALUE. 339 relative estimation in \vhich they are respectively held, evinced by their relative exchangeable values. If one man has a certain quantity of tobacco, and anoth~r a certain quantity of muslin, we can only determine \vhich of the two is the richer by ascertaining their relative con1n1and of 'vealth in the n1arket. And even if one country exports corn, and imports lace and can1brics, notwithstanding that corn has a n1ore marked and definite value in use than any other con1n1odity, the estimate n1ust be formed exactly in the same way. Luxuries are a part of 'vealth as \vell as necessaries. The country 'vould not have received lace and cambrics in exchange for its corn unless its wealth, or its ne- · cessaries, conveniences and luxuries taken together, had been increased by such exchange ; and this increase of 1\realth cannot possibly be n1easured in any other way than by the increase of value so occasioned, founded upon the c,i rcun1stance tbat the con1tnodities received are more wanted and held in higher estimation than those vvhich 'vere sent away. Wealth, however, it \vill be allowed, does 11ot always increase in proportion to the increase of value; because an increase of value n1ay son1etin1es take place under an actual diminutio1i of the necessaries, conveniences and luxuries of life; but neither does it increase in proportion to the n1ere quantity of \tvhat con1es under the denon1ination 'Of wealth, because the various articles of. w bich this quantity is con1posed n1ay not be so proporz2 |
