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The Measure of Value Stated and Illustrated / With an Application of it to the Alterations in the Value of the English Currency since 1790 cover

The Measure of Value Stated and Illustrated / With an Application of it to the Alterations in the Value of the English Currency since 1790

Chapter 1: THE MEASURE OF VALUE
By T. R. Malthus
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The essay distinguishes value in use from value in exchange and seeks a stable measure for purchasing power by defining absolute or natural value versus relative or nominal value. It argues that labour (including accumulated labour) and profits form the principal components of natural value, with rent and other ingredients considered secondarily, and explains how variations in productive skill alter commodity values rather than the cost of labour. It examines how money's variability complicates measurement of value and applies the framework to analyze alterations in the English currency since 1790.

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Title: The Measure of Value Stated and Illustrated

Author: T. R. Malthus

Release date: June 15, 2020 [eBook #62407]
Most recently updated: October 18, 2024

Language: English

Credits: Produced by Charlie Howard and the Online Distributed
Proofreading Team at https://www.pgdp.net (This file was
produced from images generously made available by The
Internet Archive)

*** START OF THE PROJECT GUTENBERG EBOOK THE MEASURE OF VALUE STATED AND ILLUSTRATED ***

THE
MEASURE OF VALUE

STATED AND ILLUSTRATED,

WITH

AN APPLICATION OF IT TO THE ALTERATIONS IN
THE VALUE OF THE ENGLISH CURRENCY
SINCE 1790.

—♦—

By the Rev. T. R. MALTHUS, M.A. F.R.S.

PROFESSOR OF HISTORY AND POLITICAL ECONOMY IN THE
EAST INDIA COLLEGE, HERTFORDSHIRE.

LONDON:
JOHN MURRAY, ALBEMARLE STREET.
MDCCCXXIII.

London: Printed by C. Roworth,
Bell-yard, Temple-bar.