Free Trade Or An Inquiry Into the Expediency of the Present Corn Laws
Free Trade Or An Inquiry Into the Expediency of the Present Corn Laws
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Effects directly opposite would have ensued had wages fallen. It thus appears, that if we take any com- modity for a standard, produced itself by capital returnable in a certain period, to estimate the rela- tive value of other commodities, when wages rise.
Theory of Profits. 151 all commodities produced by less durable capitals than those which produce the commodity taken for a standard will rise in exchangeable value, and all those produced by more durable capitals will fall. By common consen...t, the precious metals are chosen for this standard. Let B be supposed to represent it : then after the rise of wages A would have risen in PRICE, but C would have fallen. It may assist some readers to substitute in their own minds ap- propriate commodities in lieu of the alphabetical signs we have here for brevity sake adopted. Let A represent raw produce of the soil ; B hardware ; and C cottons, woven by power-looms. When a rise of 6 per cent, in wages took place, the raw pro- duce would have advanced 3 per cent, in price, because, as has been seen, A rose 3 per cent, com- pared with B, and the price is estimated in B as the standard.
What to read after Free Trade Or An Inquiry Into the Expediency of the Present Corn Laws?
You can find similar books in the "Read Also" column, or choose other free books by Alexander Mcdonnell to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Effects directly opposite would have ensued had wages fallen. It thus appears, that if we take any com- modity for a standard, produced itself by capital returnable in a certain period, to estimate the rela- tive value of other commodities, when wages rise.
Theory of Profits. 151 all commodities produced by less durable capitals than those which produce the commodity taken for a standard will rise in exchangeable value, and all those produced by more durable capitals will fall. By common consen...t, the precious metals are chosen for this standard. Let B be supposed to represent it : then after the rise of wages A would have risen in PRICE, but C would have fallen. It may assist some readers to substitute in their own minds ap- propriate commodities in lieu of the alphabetical signs we have here for brevity sake adopted. Let A represent raw produce of the soil ; B hardware ; and C cottons, woven by power-looms. When a rise of 6 per cent, in wages took place, the raw pro- duce would have advanced 3 per cent, in price, because, as has been seen, A rose 3 per cent, com- pared with B, and the price is estimated in B as the standard.
What to read after Free Trade Or An Inquiry Into the Expediency of the Present Corn Laws?
You can find similar books in the "Read Also" column, or choose other free books by Alexander Mcdonnell to read onlineMoreLess
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