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Show 416 QN THE Il\IMEDIATE CAUSES [cH. VII; ferent countries of the world with each other it ' ' rarely happens that any great increase or decrease in the bullion value of all the commodities of a country takes place, without an increase or decrease of demand for commodities, compared 'vith the supply of them. It happens how .. ever, undoubtedly, so1netimes, that the value of bullion alters, not only generally, but in particular countries ; and it is not meant to . be said that a country cannot possibly be stimulated to an increase of wealth after a fall has taken · place in the tnoney-price .of all its commodities. As the best approximation to a 1neasure of real value in exchange, in application to the con1n1odities of different countries ai1d different tin1es, I before proposed a mean between corn and labour;* and to this measure I should be disposed al·ways to refer, when a1iy coTntnodities are to be estimated, 'vith the exception of corn and labour themselves. But as, in speaking of national wealth, it is necessary to include the exchangeable value of food; and as food cannot well be the measure of food, I shall refer generally to the labour, domestic and foreign, which the bullion-price of the produce will command, or the sacrifices which people are willing and able to rnake of their own or other persons exertions in order to obtain it, as the best practical measure of value that can be applied ; and though undoubtedly not accura.te, yet sufficiently so for the present purpose. * Chap. ii. sect. vii. • SEC. VI.] OF ~HE PROGUESS OF 'VEALTH. 417 . General wealth, like particular portions of it, wtll al. ways follow effective demand · Whe never there Is a great demand for con1modities th t · h , a IS, w ene~er the exchangeable value of the whole mass WI~l command tnore labour than usual at the same p. nce, there is the same kind of reason !.cO f expect.tng a general increase of con1modities, as there IS. ~or ex pectin~ an increase of particular commodities when their market-prices rise. And on the ot~er han?, 'vhenever the produce of a country estimated 111 the labour which it will command falls in value, it is evident that with it the power and \Vill t~ p:1r_chase the same quantity of labour m.ust be din1tnished, and the effective demand for an increase of produce must for a tin1e bechecked. ' ' Mr. Ricardo, in his chapter on Value and Riches, has ~t~ted that " a certain quantity of clothes and provisions will maintain and etnploy the satne number o~ men, and 'vill therefore procure the san1e quantity of work to be done, whether they be produced by the labour of a hundred or of two hun~ red men; but they will be of twice the value, tf two hundred have been employed in their production."* But, even taking his O\Vn peculiar esti~ ate of value, this statetnent would very rarely Indeed be true. 1.,he clothes and provisions which had cost only one hundred days' labour would never, but in the most unnatural state of things, he able to procure the same quantity of work to * Prine. of Polit. Econ. ch. xx. p. 349. E E |
