...exchangeable value of goods. The word VALUE, it is to be observed, has two different meanings, and sometimes expresses the utility of some particular...possession of that object conveys. The one may be called 1 value in use ;' the other, ' value in exchange.' The things which have the greatest value in use...

...exchange. " It has been observed by Adam Smith, that ' the word Value has two different meanings, and sometimes expresses the utility of some particular...goods which the possession of that object conveys. The oae may be called value in use ; the other* mote in exchange. Tbt • Sec a Review of this work ia...

...although according to Adam Smith, ' the word value has two different meanings, sometimes expressing the utility of some particular object, and sometimes...goods, which the possession of that object conveys,' later writers on political economy have gone further, and traced all yalue to utility, using, however,...

...obtained in exchange. He says, " The word value, it is to be observed, has two different meanings: it sometimes expresses the utility of some particular...exchange. The things which have the greatest value in use, nave frequently little or no value in exchange ; and, on the contrary, those that have the greatest...

...that labour. IT has been observed by Adam Smith, that " the word Value has two different meanings, and sometimes expresses the utility of some particular...in use ; the other value in exchange. The things," he continues, " which have the greatest value in use, have frequently little or no value in exchange...

...obtained in exchange. He says, " The word " value, it is to be observed, has two different " meanings ; it sometimes expresses the utility " of some particular...sometimes the " power of purchasing other goods which the pos" session of that object conveys. The one may be " called value in use, the other value in exchange....

...for a week's labour. Fallen, must the same Adam Smith say, " because the value of a thing depends on the power of purchasing other goods which the possession of that object conveys," and labour has a less power of purchasing such other goods. /•. '•' ' ! SECTION II. Labour of different...

...commanding half of a." " The definition of Adam Smith, therefore, that the value of an object expresses the power of purchasing other goods which the possession of that object conveys, is substantially correct ; and as it is plain and intelligible, it may be taken as the basis of our...

...obtained in exchange. He says, "The word value, it is to be observed, has two different meanings : it sometimes expresses the utility of some particular...possession of that object conveys. The one may be called valve in use, the oiher value in exchange. The things which have ihe greatest value in use, have frequently...

...expresses the utility of an object, and sometimes the power of purchasing other goods with it. The first may be called value in use, the other value in exchange. The value in use may be very great, when the value in exchange is little or nothing. Water for instance...