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Arrows of the Chace, vol. 2/2 / being a collection of scattered letters published chiefly in the daily newspapers 1840-1880 cover

Arrows of the Chace, vol. 2/2 / being a collection of scattered letters published chiefly in the daily newspapers 1840-1880

Chapter 31: FOOTNOTES:
By John Ruskin
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About This Book

A collected set of public letters offers sustained commentary on political, economic, and cultural questions of the era. Subjects include foreign policy, war, and imperial unrest, as well as economic issues such as currency, supply and demand, wages, strikes, and the nature of wealth and property. Other pieces discuss infrastructure and industry, domestic service and housing, education, art and literary criticism, dress and women's work, and proposals for social and institutional reform. The epistolary form combines moral argument, practical policy suggestions, and cultural observation addressed to newspapers, public figures, and civic audiences.

[From "The Daily Telegraph," November 8, 1864.]
THE LAW OF SUPPLY AND DEMAND.

To the Editor of "The Daily Telegraph."

Sir: Having, unfortunately, occupation enough in my own business for all hours of the day, I cannot undertake to reply to the general correspondence which might, in large supply to my limited demand, propose itself in your columns. If my first respondent, "Economist," or any other person learned in his science, will give me direct answers to the direct questions asked in my Monday's letter, I may, with your permission, follow the points at issue farther; if not, I will trouble you no more. Your correspondent of to-day, Mr. Plummer, may ascertain whether I confuse the terms "value" and "price" by reference to the bottom of the second column in page 787 of "Fraser's Magazine" for June, 1862. Of my opinions respecting the treatment of the working classes he knows nothing, and can guess nothing.[38]

I am, Sir, yours, etc.,
J. Ruskin.

Denmark Hill, Nov. 2.

FOOTNOTES:

[38] In the "Essays on Political Economy," since reprinted as "Munera Pulveris." See p. 10, § 12 of that book, where the passage is printed in italics: "The reader must, by anticipation, be warned against confusing value with cost, or with price. Value is the life-giving power of anything; cost, the quantity of labor required to produce it; price, the quantity of labor which its possessor will take in exchange for it."