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

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.