An Essay On the Production of Wealth
An Essay On the Production of Wealth
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" To this the silk manufacturer would reply, —-" The question does not turn " upon the quantities of labour required to pro^ ** cure our respective articles. Our capitals are " each worth a hundred days' wages : they are " equivalent and convertible ; and, if you refuse ** to exchange their respective products upon " equal terms, I can, g-t the same cost which " fabricates my silk, obtain wages for ninety, '^ with wool equivalent to wages foif ten, and '^ thus have wi;rought up for me the same ...qug-n^ ** tity of woollens which I require of you^ You 38 " cannot expect that I should accept in exchange " for the product of my capital, a less quantity " of any article, than that capital might at any " time procure for me, if I chose to manufacture " it for myself" To this no farther objection could reasonably be urged. After capitalists become a class distinct from labourers, competi- tion turns, not upon the quantity of labour, but upon the amount of capital expended in produc- tion ; and the results obtained after the employ- ment of equal capitals, will always tend to an equality of value in the market.
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To quickly assess the difficulty of the text, read a short excerpt:
" To this the silk manufacturer would reply, —-" The question does not turn " upon the quantities of labour required to pro^ ** cure our respective articles. Our capitals are " each worth a hundred days' wages : they are " equivalent and convertible ; and, if you refuse ** to exchange their respective products upon " equal terms, I can, g-t the same cost which " fabricates my silk, obtain wages for ninety, '^ with wool equivalent to wages foif ten, and '^ thus have wi;rought up for me the same ...qug-n^ ** tity of woollens which I require of you^ You 38 " cannot expect that I should accept in exchange " for the product of my capital, a less quantity " of any article, than that capital might at any " time procure for me, if I chose to manufacture " it for myself" To this no farther objection could reasonably be urged. After capitalists become a class distinct from labourers, competi- tion turns, not upon the quantity of labour, but upon the amount of capital expended in produc- tion ; and the results obtained after the employ- ment of equal capitals, will always tend to an equality of value in the market.
What to read after An Essay On the Production of Wealth?
You can find similar books in the "Read Also" column, or choose other free books by R Robert Torrens to read onlineMoreLess
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