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Show 528 8UM1\'TARY. PAGE ment for labour, instead of the quantities of the product, the criterion of productiveness 41 yet if we once desert matter, we must ad~pt this criterion, or every hu~an exertion to avoid pain and obtain pleasure is productive labour . . . · · · · · · : · · · 42 And if we .do adopt this criterion, the very same lund of la-bour ~ill be productive, or not, according as it is paid for, or not ib. Unproductive labourers a~·e of great importance in the pro- • duction of wealth indirectly, a demanders, but they cannot, with propriety, be said to create the wealth which pays them . . Adam Sn1ith's di tinction, which draws the line between what is matter and what i not matter, is probably the most useful and the least objectionable Susceptibility of accu1~ulation is essential to our usual con- 43 44 ceptions of wealth · ib. Capability of definite valuation is n~cessary to en.able us to estimate the amount of w~alth obtained by any k1nd of la·· hour . 45 The labour realized upon n1aterial products is the only labour which is at once susceptible of accumulation and defin.ite valuation . . . 46 The objection of M. Garnie:J;, respecting musical instruments, and the. tunes · played upon thc1n, answered . . . . · ib. Objections of M. Garnier, respecting the servants of govern-ment, answere d . : · · · ib. Some unproductive labour is of much n1ore usc and imp~rtance than productive labour, but is incapable of bemg .. the subi ect of the gross calculations which relate to na- tional wJ ealth . . . . . . . 48 Having confined the definition of wealth to material o~jects, productive labour is that labour which is productive ~f wealth, that is, so directly productive of it, as to be estJ- mated in the value of the objects produced . · ·. : · 49 The object of this discussion is not to make subtle distmc-t. ions, but to bespeak assent to a useful classification ib. SU~1MAitY. ;529 CHAP. I~. OF TilE NATURE AND MEASUJLES OF VALUE. -- SEcT. I.-OJ the different Sorts ofF alue. PAGE Two sorts of value are generally admitted-value in use, and value in exchange . . . . . 51 The term value is so rarely understood as meaning the mere utility of an object, that if this interpretation of it be re~ ained, it should never be applied without the addition-zn use . . . . ib. Value in exchange is founded upon the will and power to ex-change one commodity for another . . . . 52 If nature had, in the first instance, made such a distribution of commodities as now takes place previous to con umption, their exchangeable values could not have been known ib. An exchange implies not only the power and will to give one article for another more wanted, but a reciprocal demand in the owner of the article wanted for the one proposed to be exchanged for it 53 When this reciprocal demand exists, the quantity of one commodity which is· given for another, depends upon the relative estimation in which each is held, founded upon the desire to possess, and the difficulty or facility of procuring possession ib. Owing to the difference of desires and powers, the bargains thus made were, il). the first instance, very difler~nt from each other . ib. By degrees, a current value of all commodities in frequent use would be established, and each commodity would be in some degree both a representative and n1easure of value. 54 But the frequent want of reciprocal demand, except in large fairs, would throw great obstacles in the way of an average valuation of commodities . . ib. To secure this reciprocal demand, every man would endeavour to keep by him some commodity so generally in request that it would rarely be refused in exchange for what he might want. . 55 MM |
