I have just quoted Ricardo as having given, in a special
instance, a positive rule for the comparison of values: the
economists do better still. Every year they gather from tables
of statistics the average prices of the various grains. Now,
what is the meaning of an average? Every one can see that in a
single operation, taken at random from a million, there is no
means of knowing which prevailed, supply--that is, useful
value--or exchangeable value,--that is, demand. But as every
increase in the price of merchandise is followed sooner or later
by a proportional reduction; as, in other words, in society the
profits of speculation are equal to the losses,--we may regard
with good reason the average of prices during a complete period
as indicative of the real and legitimate value of products. This
average, it is true, is ascertained too late: but who knows that
we could not discover it in advance? Is there an economist who
dares to deny it?
Nolens volens, then, the measure of value must be sought for:
logic commands it, and her conclusions are adverse to
economists and socialists alike.
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