A Letter to a Political Economist Occasioned By An Article in the Westminster
A Letter to a Political Economist Occasioned By An Article in the Westminster
Samuel Bailey
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You will be startled when I name the Westminster * London Magazine, p. 344. A POLITICAL ECONOMIST. 37 Review itself. Yet so it is. In an express defence of Mr. Ricardo against the Quarterly Review there is the following passage, which I did not see till my own treatise had been committed to the press : otherwise I might have been tempted to support my opinions by so indisputable an authority. " Value is a relative term : if it is not this, it is nothing : if any one talks about absolute value, ...or any other kind of value than exchange- able value we know not what he means*. " It appears, then, that in the year 1825 the Westminster Reviewers could not understand any one who talked about any kind of value but exchangeable value. In the year 1826, however, they discover, not only that there is another kind of value distinct from exchangeable value, but that they had always remarked it ! And, far from not being able to understand any one who talks about it, they regard Mr. Ricardo as having talked about it with great perspicuity.
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