Therefore，insteadofsearchingforachimericalexplanation，letuscontentourselveswithestablishingthenecessityofthecontradiction。

Whatevertheabundanceofcreatedvaluesandtheproportioninwhichtheyexchangeforeachother，inorderthatwemayexchangeourproducts，minemustsuityouwhenyouarethebuyer，andImustbesatisfiedwithyourswhenyouaretheseller。Fornoonehasarighttoimposehisownmerchandiseuponanother：thesolejudgeofutility，orinotherwordsthewant，isthebuyer。Therefore，inthefirstcase，youhavethedecidingpower；inthesecond，Ihaveit。Takeawayreciprocalliberty，andexchangeisnolongertheexpressionofindustrialsolidarity：itisrobbery。Communism，bytheway，willneversurmountthisdifficulty。

But，wherethereisliberty，productionisnecessarilyundetermined，eitherinquantityorinquality；sothatfromthepointofviewofeconomicprogress，asfromthatoftherelationofconsumers，valuationalwaysisanarbitrarymatter，andthepriceofmerchandisewilleverfluctuate。

Supposeforamomentthatallproducersshouldsellatafixedprice：therewouldbesomewho，producingatlesscostandinbetterquality，wouldgetmuch，whileotherswouldgetnothing。Ineverywayequilibriumwouldbedestroyed。Doyouwish，inordertopreventbusinessstagnation，tolimitproductionstrictlytothenecessaryamount？Thatwouldbeaviolationofliberty：for，indeprivingmeofthepowerofchoice，youcondemnmetopaythehighestprice；youdestroycompetition，thesoleguaranteeofcheapness，andencouragesmuggling。Inthisway，toavoidcommercialabsolutism，youwouldrushintoadministrativeabsolutism；tocreateequality，youwoulddestroyliberty，whichistodenyequalityitself。Wouldyougroupproducersinasingleworkshop(supposingyoutopossessthissecret)？

Thatagaindoesnotsuffice：itwouldbenecessaryalsotogroupconsumersinacommonhousehold，wherebyyouwouldabandonthepoint。Wearenottoabolishtheideaofvalue，whichisasimpossibleastoabolishlabor，buttodetermineit；wearenottokillindividualliberty，buttosocializeit。Now，itisprovedthatitisthefreewillofmanthatgivesrisetotheoppositionbetweenvalueinuseandvalueinexchange：howreconcilethisoppositionwhilefreewillexists？Andhowsacrificethelatterwithoutsacrificingman？

Then，fromtheveryfactthatI，asafreepurchaser，amjudgeofmyownwants，judgeofthefitnessoftheobject，judgeofthepriceIwishtopay，andthatyouontheotherhand，asafreeproducer，controlthemeansofproduction，andconsequentlyhavethepowertoreduceyourexpenses，absolutismforcesitselfforwardasanelementofvalue，andcausesittooscillatebetweenutilityandopinion。

Butthisoscillation，clearlypointedoutbytheeconomists，isbuttheeffectofacontradictionwhich，repeatingitselfonavastscale，engendersthemostunexpectedphenomena。Threeyearsoffertility，incertainprovincesofRussia，areapubliccalamity，justas，inourvineyards，threeyearsofabundanceareacalamitytothewine-growerIknowwellthattheeconomistsattributethisdistresstoalackofmarkets；whereforethisquestionofmarketsisanimportantonewiththem。Unfortunatelythetheoryofmarkets，likethatofemigrationwithwhichtheyattemptedtomeetMalthus，isabeggingofthequestion。TheStateshavingthelargestmarketareassubjecttoover-productionasthemostisolatedcountries：

wherearehighandlowpricesbetterknownthaninthestock-exchangesofParisandLondon？

Fromtheoscillationofvalueandtheirregulareffectsresultingtherefromthesocialistsandeconomists，eachintheirownway，havereasonedtoopposite，butequallyfalse，conclusions：theformerhavemadeitatextfortheslanderofpoliticaleconomyanditsexclusionfromsocialscience；

thelatter，forthedenialofallpossibilityofreconciliation，andtheaffirmationoftheincommensurabilityofvalues，andconsequentlytheinequalityoffortunes，asanabsolutelawofcommerce。

Isaythatbothpartiesareequallyinerror。

1。Thecontradictoryideaofvalue，soclearlyexhibitedbytheinevitabledistinctionbetweenusefulvalueandvalueinexchangedoesnotarisefromafalsementalperception，orfromaviciousterminology，orfromanypracticalerror；itliesdeepinthenatureofthings，andforcesitselfuponthemindasageneralformofthought，——thatis，asacategory。Now，astheideaofvalueisthepointofdepartureofpoliticaleconomy，itfollowsthatalltheelementsofthescience——Iusethewordscienceinanticipation——arecontradictoryinthemselvesandopposedtoeachother：sotrulyisthisthecasethatoneveryquestiontheeconomistfindshimselfcontinuallyplacedbetweenanaffirmationandanegationalikeirrefutable。ANTINOMY，infine，touseawordsanctionedbymodernphilosophy，istheessentialcharacteristicofpoliticaleconomy；thatistosay，itisatonceitsdeath-sentenceanditsjustification。

Antinomy，literallycounter-law，meansoppositioninprincipleorantagonisminrelation，justascontradictionorantilogyindicatesoppositionordiscrepancyinspeech。Antinomy，——Iaskpardonforenteringintothesescholasticdetails，comparativelyunfamiliarasyettomosteconomists，——antinomyistheconceptionofalawwithtwofaces，theonepositive，theothernegative。Such，forinstance，isthelawcalledattraction，bywhichtheplanetsrevolvearoundthesun，andwhichmathematicianshaveanalyzedintocentripetalforceandcentrifugalforce。Suchalsoistheproblemoftheinfinitedivisibilityofmatter，which，asKanthasshown，canbedeniedandaffirmedsuccessivelybyargumentsequallyplausibleandirrefutable。

Antinomysimplyexpressesafact，andforcesitselfimperativelyonthemind；contradiction，properlyspeaking，isanabsurdity。Thisdistinctionbetweenantinomy(contra-lex)andcontradiction(contra-dictio)showsinwhatsenseitcanbesaidthat，inacertainclassofideasandfacts，theargumentofcontradictionhasnotthesamevalueasinmathematics。

Inmathematicsitisarulethat，apropositionbeingprovedfalse，itsoppositeistrue，andviceversa。Infact，thisistheprincipalmethodofmathematicaldemonstration。Insocialeconomy，itisnotthesame：thuswesee，forexample，thatpropertybeingprovedbyitsresultstobefalse，theoppositeformula，communism，isnonethetrueronthisaccount，butisdeniableatthesametimeandbythesametitleasproperty。Doesitfollow，ashasbeensaidwithsuchridiculousemphasis，thateverytruth，everyidea，resultsfromacontradiction，——thatis，fromasomethingwhichisaffirmedanddeniedatthesamemomentandfromthesamepointofview，——andthatitmaybenecessarytoabandonwhollytheold-fashionedlogic，whichregardscontradictionastheinfalliblesignoferror？Thisbabbleisworthyofsophistswho，destituteoffaithandhonesty，endeavortoperpetuatescepticisminordertomaintaintheirimpertinentuselessness。

Becauseantinomy，immediatelyitismisunderstood，leadsinevitablytocontradiction，thesehavebeenmistakenforeachother，especiallyamongtheFrench，wholiketojudgeeverythingbyitseffects。Butneithercontradictionnorantinomy，whichanalysisdiscoversatthebottomofeverysimpleidea，istheprincipleoftruth。Contradictionisalwayssynonymouswithnullity；

asforantinomy，sometimescalledbythesamename，itisindeedtheforerunneroftruth，thematerialofwhich，sotospeak，itsupplies；butitisnottruth，and，consideredinitself，itistheefficientcauseofdisorder，thecharacteristicformofdelusionandevil。

Anantinomyismadeupoftwoterms，necessarytoeachother，butalwaysopposed，andtendingtomutualdestruction。Ihardlydaretoadd，asI

must，thatthefirstofthesetermshasreceivedthenamethesis，position，andthesecondthenameanti-thesis，counter-position。Thismethodofthoughtisnowsowell-knownthatitwillsoonfigure，Ihope，inthetext-booksoftheprimaryschools。Weshallseedirectlyhowfromthecombinationofthesetwozerosunityspringsforth，ortheideawhichdispelstheantinomy。

Thus，invalue，thereisnothingusefulthatcannotbeexchanged，nothingexchangeableifitbenotuseful：valueinuseandvalueinexchangeareinseparable。Butwhile，byindustrialprogress，demandvariesandmultipliestoaninfiniteextent，andwhilemanufacturestendinconsequencetoincreasethenaturalutilityofthings，andfinallytoconvertallusefulvalueintoexchangeablevalue，production，ontheotherhand，continuallyincreasingthepowerofitsinstrumentsandalwaysreducingitsexpenses，tendstorestorethevenalvalueofthingstotheirprimitiveutility：sothatvalueinuseandvalueinexchangeareinperpetualstruggle。

Theeffectsofthisstrugglearewell-known：thewarsofcommerceandofthemarket；obstructionstobusiness；stagnation；prohibition；themassacresofcompetition；monopoly；reductionsofwages；lawsfixingmaximumprices；

thecrushinginequalityoffortunes；misery，——alltheseresultfromtheantinomyofvalue。TheproofofthisImaybeexcusedfromgivinghere，asitwillappearnaturallyinthechapterstofollow。

Thesocialists，whilejustlydemandingthatthisantagonismbebroughttoanend，haveerredinmistakingitssource，andinseeinginitonlyamentaloversight，capableofrectificationbyalegaldecree。Hencethislamentableoutbreakofsentimentalism，whichhasrenderedsocialismsoinsipidtopositiveminds，andwhich，spreadingtheabsurdestdelusions，makessomanyfreshdupeseveryday。Mycomplaintofsocialismisnotthatithasappearedamonguswithoutcause，butthatithasclungsolongandsoobstinatelytoitssilliness。

2。Buttheeconomistshaveerrednolessgravelyinrejectingapriori，andjustbecauseofthecontradictory，orratherantinomical，natureofvalue，everyideaandhopeofreform，neverdesiringtounderstandthat，fortheveryreasonthatsocietyhasarrivedatitshighestpointofantagonism，reconciliationandharmonyareathand。This，nevertheless，iswhataclosestudyofpoliticaleconomywouldhaveshowntoitsadepts，hadtheypaidmoreattentiontothelightsofmodernmetaphysics。Itisindeeddemonstrated，bythemostpositiveevidenceknowntothehumanmind，thatwhereveranantinomyappearsthereisapromiseofaresolutionofitsterms，andconsequentlyanannouncementofacomingchange。Now，theideaofvalue，asdevelopedbyJ。B。Sayamongothers，satisfiesexactlytheseconditions。Buttheeconomists，whohaveremainedforthemostpartbyaninconceivablefatalityignorantofthemovementofphilosophy，haveguardedagainstthesuppositionthattheessentiallycontradictory，or，astheysay，variable，characterofvaluemightbeatthesametimetheauthenticsignofitsconstitutionality，-thatis，ofitseminentlyharmoniousanddeterminablenature。Howeverdishonorableitmaybetotheeconomistsofthevariousschools，itiscertainthattheiroppositiontosocialismresultssolelyfromthisfalseconceptionoftheirownprinciples；oneproof，takenfromathousand，willsuffice。

TheAcademyofSciences(notthatofMoralSciences，buttheother)，goingoutsideofitsprovinceoneday，listenedtoapaperinwhichitwasproposedtocalculatetablesofvalueforallkindsofmerchandiseuponthebasisoftheaverageproductpermanandperday”slaborineachbranchofindustry。“LeJournaldesEconomistes“(August，1845)immediatelymadethiscommunication，intrusiveinitseyes，thetextofaprotestagainsttheplanoftariffwhichwasitsobject，andtheoccasionofareestablishmentofwhatitcalledtrueprinciples：——

“Thereisnomeasureofvalue，nostandardofvalue，“itsaidinitsconclusions；“economicsciencetellsusthis，justasmathematicalsciencetellsusthatthereisnoperpetualmotionorquadratureofthecircle，andthattheseneverwillbefound。Now，ifthereisnostandardofvalue，ifthemeasureofvalueisnotevenametaphysicalillusion，whatthenisthelawwhichgovernsexchanges？……Aswehavesaidbefore，itis，inageneralway，supplyanddemand：thatisthelastwordofscience。”

Now，howdid“LeJournaldesEconomistes“provethatthereisnomeasureofvalue？Iusetheconsecratedexpression：thoughIshallshowdirectlythatthisphrase，measureofvalue，issomewhatambiguous，anddoesnotconveytheexactmeaningwhichitisintended，andwhichitought，toexpress。

Thisjournalrepeated，withaccompanyingexamples，theexpositionthatwehavejustgivenofthevariabilityofvalue，butwithoutarriving，aswedid，atthecontradiction。Now，iftheestimableeditor，oneofthemostdistinguishedeconomistsoftheschoolofSay，hadhadstricterlogicalhabits；ifhehadbeenlongused，notonlytoobservingfacts，buttoseekingtheirexplanationintheideaswhichproducethem，——Idonotdoubtthathewouldhaveexpressedhimselfmorecautiously，andthat，insteadofseeinginthevariabilityofvaluethelastwordofscience，hewouldhaverecognizedunaidedthatitisthefirst。Seeingthatthevariabilityofvalueproceedsnotfromthings，butfromthemind，hewouldhavesaidthat，ashumanlibertyhasitslaw，sovaluemusthaveitslaw；consequently，thatthehypothesisofameasureofvalue，thisbeingthecommonexpression，isnotatallirrational；quitethecontrary，thatitisthedenialofthismeasurethatisillogical，untenable。

Andindeed，whatisthereintheideaofmeasuring，andconsequentlyoffixing，value，thatisunscientific？Allmenbelieveinit；allwishit，searchforit，supposeit：everypropositionofsaleorpurchaseisatbottomonlyacomparisonbetweentwovalues，——thatis，adetermination，moreorlessaccurateifyouwill，butneverthelesseffective。Theopinionofthehumanraceontheexistingdifferencebetweenrealvalueandmarketpricemaybesaidtobeunanimous。Itisforthisreasonthatsomanykindsofmerchandisearesoldatafixedprice；therearesome，indeed，which，evenintheirvariations，arealwaysfixed，——bread，forinstance。Itwillnotbedeniedthat，iftwomanufacturerscansupplyoneanotherbyanaccountcurrent，andatasettledprice，withquantitiesoftheirrespectiveproducts，ten，ahundred，athousandmanufacturerscandothesame。Now，thatwouldbeasolutionoftheproblemofthemeasureofvalue。Thepriceofeverythingwouldbedebatedupon，Iallow，becausedebateisstillouronlymethodoffixingprices；butyet，asalllightistheresultofconflict，debate，thoughitmaybeaproofofuncertainty，hasforitsobject，settingasidethegreaterorlessamountofgoodfaiththatentersintoit，thediscoveryoftherelationofvaluestoeachother，——thatis，theirmeasurement，theirlaw。

Ricardo，inhistheoryofrent，hasgivenamagnificentexampleofthecommensurabilityofvalues。Hehasshownthatarablelandsaretoeachotherasthecropswhichtheyyieldwiththesameoutlay；andhereuniversalpracticeisinharmonywiththeory。Nowwhowillsaythatthispositiveandsuremethodofestimatingthevalueofland，andingeneralofallengagedcapital，cannotbeappliedtoproductsalso？……

Theysay：Politicaleconomyisnotaffectedbyaprioriarguments；itpronouncesonlyuponfacts。Now，factsandexperienceteachusthatthereisnomeasureofvalueandcanbenone，andprovethat，thoughtheconceptionofsuchanideawasnecessaryinthenatureofthings，itsrealizationiswhollychimerical。Supplyanddemandisthesolelawofexchange。

Iwillnotrepeatthatexperienceprovespreciselythecontrary；thateverything，intheeconomicprogressofsociety，denotesatendencytowardtheconstitutionandestablishmentofvalue；thatthatistheculminatingpointofpoliticaleconomy——whichbythisconstitutionbecomestransformed——andthesupremeindicationoforderinsociety：thisgeneraloutline，reiteratedwithoutproof，wouldbecometiresome。Iconfinemyselfforthemomentwithinthelimitsofthediscussion，andsaythatsupplyanddemand，heldupasthesoleregulatorsofvalue，arenothingmorethantwoceremonialformsservingtobringusefulvalueandexchangeablevaluefacetoface，andtoprovoketheirreconciliation。Theyarethetwoelectricpoles，whoseconnectionmustproducetheeconomicalphenomenonofaffinitycalledEXCHANGE。

Likethepolesofabattery，supplyanddemandarediametricallyopposedtoeachother，andtendcontinuallytomutualannihilation；itisbytheirantagonismthatthepriceofthingsiseitherincreased，orreducedtonothing：wewishtoknow，then，ifitisnotpossible，oneveryoccasion，sotobalanceorharmonizethesetwoforcesthatthepriceofthingsalwaysmaybetheexpressionoftheirtruevalue，theexpressionofjustice。Tosayafterthatthatsupplyanddemandisthelawofexchangeistosaythatsupplyanddemandisthelawofsupplyanddemand；itisnotanexplanationofthegeneralpractice，butadeclarationofitsabsurdity；andIdenythatthegeneralpracticeisabsurd。

IhavejustquotedRicardoashavinggiven，inaspecialinstance，apositiveruleforthecomparisonofvalues：theeconomistsdobetterstill。

Everyyeartheygatherfromtablesofstatisticstheaveragepricesofthevariousgrains。Now，whatisthemeaningofanaverage？Everyonecanseethatinasingleoperation，takenatrandomfromamillion，thereisnomeansofknowingwhichprevailed，supply——thatis，usefulvalue——

orexchangeablevalue，——thatis，demand。Butaseveryincreaseinthepriceofmerchandiseisfollowedsoonerorlaterbyaproportionalreduction；

as，inotherwords，insocietytheprofitsofspeculationareequaltothelosses，——wemayregardwithgoodreasontheaverageofpricesduringacompleteperiodasindicativeoftherealandlegitimatevalueofproducts。

Thisaverage，itistrue，isascertainedtoolate：butwhoknowsthatwecouldnotdiscoveritinadvance？Isthereaneconomistwhodarestodenyit？

Nolensvolens，then，themeasureofvaluemustbesoughtfor：logiccommandsit，andherconclusionsareadversetoeconomistsandsocialistsalike。Theopinionwhichdeniestheexistenceofthismeasureisirrational，unreasonable。Sayasoftenasyouplease，ontheonehand，thatpoliticaleconomyisascienceoffacts，andthatthefactsarecontrarytothehypothesisofadeterminationofvalue，or，ontheother，thatthistroublesomequestionwouldnotpresentitselfinasystemofuniversalassociation，whichwouldabsorballantagonism，——Iwillreplystill，totherightandtotheleft：——

1。Thatasnofactisproducedwhichhasnotitscause，sononeexistswhichhasnotitslaw；andthat，ifthelawofexchangeisnotdiscovered，thefaultis，notwiththefacts，butwiththesavants。

2。That，aslongasmanshalllaborinordertolive，andshalllaborfreely，justicewillbetheconditionoffraternityandthebasisofassociation；

now，withoutadeterminationofvalue，justiceisimperfect，impossible。

2——Constitutionofvalue；definitionofwealth。

Weknowvalueinitstwooppositeaspects；wedonotknowitinitsTOTALITY。Ifwecanacquirethisnewidea，weshallhaveabsolutevalue；

andatableofvalues，suchaswascalledforinthememoirreadtotheAcademyofSciences，willbepossible。

Letuspicturewealth，then，asamassheldbyachemicalforceinapermanentstateofcomposition，inwhichnewelements，continuallyentering，combineindifferentproportions，butaccordingtoacertainlaw：valueistheproportionalrelation(themeasure)inwhicheachoftheseelementsformsapartofthewhole。

Fromthistwothingsresult：one，thattheeconomistshavebeenwhollydeludedwhentheyhavelookedforthegeneralmeasureofvalueinwheat，specie，rent，etc。，andalsowhen，afterhavingdemonstratedthatthisstandardofmeasurewasneitherherenorthere，theyhaveconcludedthatvaluehasneitherlawnormeasure；theother，thattheproportionofvaluesmaycontinuallyvarywithoutceasingonthataccounttobesubjecttoalaw，whosedeterminationispreciselythesolutionsought。

Thisideaofvaluesatisfies，asweshallsee，alltheconditions：foritincludesatonceboththepositiveandfixedelementinusefulvalueandthevariableelementinexchangeablevalue；inthesecondplace，itputsanendtothecontradictionwhichseemedaninsurmountableobstacleinthewayofthedeterminationofvalue；further，weshallshowthatvaluethusunderstooddiffersentirelyfromasimplejuxtapositionofthetwoideasofusefulandexchangeablevalue，andthatitisendowedwithnewproperties。

Theproportionalityofproductsisnotarevelationthatwepretendtooffertotheworld，oranoveltythatwebringintoscience，anymorethanthedivisionoflaborwasanunheard-ofthingwhenAdamSmithexplaineditsmarvels。Theproportionalityofproductsis，aswemightproveeasilybyinnumerablequotations，acommonidearunningthroughtheworksonpoliticaleconomy，buttowhichnooneasyethasdreamedofattributingitsrightfulimportance：andthisisthetaskwhichweundertaketoday。Wefeelbound，fortherest，tomakethisdeclarationinordertoreassurethereaderconcerningourpretensionstooriginality，andtosatisfythosemindswhosetimidityleadsthemtolookwithlittlefavoruponnewideas。

Theeconomistsseemalwaystohaveunderstoodbythemeasureofvalueonlyastandard，asortoforiginalunit，existingbyitself，andapplicabletoallsortsofmerchandise，astheyardisapplicabletoalllengths。

Consequently，manyhavethoughtthatsuchastandardisfurnishedbythepreciousmetals。Butthetheoryofmoneyhasprovedthat，farfrombeingthemeasureofvalues，specieisonlytheirarithmetic，andaconventionalarithmeticatthat。Goldandsilveraretovaluewhatthethermometeristoheat。Thethermometer，withitsarbitrarilygraduatedscale，indicatesclearlywhenthereisalossoranincreaseofheat：butwhatthelawsofheat-equilibriumare；whatisitsproportioninvariousbodies；whatamountisnecessarytocauseariseoften，fifteen，ortwentydegreesinthethermometer，——thethermometerdoesnottellus；itisnotcertaineventhatthedegreesofthescale，equaltoeachother，correspondtoequaladditionsofheat。

Theideathathasbeenentertainedhithertoofthemeasureofvalue，then，isinexact；theobjectofourinquiryisnotthestandardofvalue，ashasbeensaidsooftenandsofoolishly，butthelawwhichregulatestheproportionsofthevariousproductstothesocialwealth；forupontheknowledgeofthislawdependstheriseandfallofpricesinsofarasitisnormalandlegitimate。Inaword，asweunderstandbythemeasureofcelestialbodiestherelationresultingfromthecomparisonofthesebodieswitheachother，so，bythemeasureofvalues，wemustunderstandtherelationwhichresultsfromtheircomparison。Now，Isaythatthisrelationhasitslaw，andthiscomparisonitsprinciple。

Isuppose，then，aforcewhichcombinesincertainproportionstheelementsofwealth，andmakesofthemahomogeneouswhole：iftheconstituentelementsdonotexistinthedesiredproportion，thecombinationwilltakeplacenevertheless；but，insteadofabsorbingallthematerial，itwillrejectaportionasuseless。Theinternalmovementbywhichthecombinationisproduced，andwhichtheaffinitiesofthevarioussubstancesdetermine——thismovementinsocietyisexchange；exchangeconsiderednolongersimplyinitselementaryformandbetweenmanandman，butexchangeconsideredasthefusionofallvaluesproducedbyprivateindustryinoneandthesamemassofsocialwealth。Finally，theproportioninwhicheachelemententersintothecompoundiswhatwecallvalue；theexcessremainingafterthecombinationisnon-value，untiltheadditionofacertainquantityofotherelementscausesfurthercombinationandexchange。

Wewillexplainlaterthefunctionofmoney。

Thisdetermined，itisconceivablethatatagivenmomenttheproportionsofvaluesconstitutingthewealthofacountrymaybedetermined，oratleastempiricallyapproximated，bymeansofstatisticsandinventories，innearlythesamewaythatthechemistshavediscoveredbyexperience，aidedbyanalysis，theproportionsofhydrogenandoxygennecessarytotheformationofwater。Thereisnothingobjectionableinthismethodofdeterminingvalues；itis，afterall，onlyamatterofaccounts。Butsuchawork，howeverinterestingitmightbe，wouldteachusnothingveryuseful。

Ontheonehand，indeed，weknowthattheproportioncontinuallyvaries；

ontheother，itisclearthatfromastatementofthepublicwealthgivingtheproportionsofvaluesonlyforthetimeandplacewhenandwherethestatisticsshouldbegatheredwecouldnotdeducethelawofproportionalityofwealth。Forthat，asingleoperationofthissortwouldnotbesufficient；

thousandsandmillionsofsimilaroneswouldbenecessary，evenadmittingthemethodtobeworthyofconfidence。

Now，herethereisadifferencebetweeneconomicscienceandchemistry。

Thechemists，whohavediscoveredbyexperiencesuchbeautifulproportions，knownomoreoftheirhoworwhythanoftheforcewhichgovernsthem。

Socialeconomy，onthecontrary，towhichnoaposterioriinvestigationcouldrevealdirectlythelawofproportionalityofvalues，cangraspitintheveryforcewhichproducesit，andwhichitistimetoannounce。

Thisforce，whichAdamSmithhasglorifiedsoeloquently，andwhichhissuccessorshavemisconceived(makingprivilegeitsequal)，——thisforceisLABOR。Labordiffersinquantityandqualitywiththeproducer；

inthisrespectitislikeallthegreatprinciplesofNatureandthemostgenerallaws，simpleintheiractionandformula，butinfinitelymodifiedbyamultitudeofspecialcauses，andmanifestingthemselvesunderaninnumerablevarietyofforms。Itislabor，laboralone，thatproducesalltheelementsofwealth，andthatcombinesthemtotheirlastmoleculesaccordingtoalawofvariable，butcertain，proportionality。Itislabor，infine，that，astheprincipleoflife，agitates(mensagitat)thematerial(molem)

ofwealth，andproportionsit。

Society，orthecollectiveman，producesaninfinitudeofobjects，theenjoymentofwhichconstitutesitswell-being。Thiswell-beingisdevelopednotonlyintheratioofthequantityoftheproducts，butalsointheratiooftheirvariety(quality)andproportion。Fromthisfundamentaldatumitfollowsthatsocietyalways，ateachinstantofitslife，muststriveforsuchproportioninitsproductsaswillgivethegreatestamountofwell-being，consideringthepowerandmeansofproduction。Abundance，variety，andproportioninproductsarethethreefactorswhichconstituteWEALTH：wealth，theobjectofsocialeconomy，issubjecttothesameconditionsofexistenceasbeauty，theobjectofart；virtue，theobjectofmorality；

andtruth，theobjectofmetaphysics。

Buthowestablishthismarvelousproportion，soessentialthatwithoutitaportionofhumanlaborislost，——thatis，useless，inharmonious，untrue，andconsequentlysynonymouswithpovertyandannihilation？

Prometheus，accordingtothefable，isthesymbolofhumanactivity。

Prometheusstealsthefireofheaven，andinventstheearlyarts；Prometheusforeseesthefuture，andaspirestoequalitywithJupiter；PrometheusisGod。ThenletuscallsocietyPrometheus。

Prometheusdevotes，onanaverage，tenhoursadaytolabor，seventorest，andseventopleasure。Inordertogatherfromhistoilthemostusefulfruit，Prometheusnotesthetimeandtroublethateachobjectofhisconsumptioncostshim。Onlyexperiencecanteachhimthis，andthisexperiencelaststhroughouthislife。Whilelaboringandproducing，then，Prometheusissubjecttoaninfinitudeofdisappointments。But，asafinalresult，themorehelabors，thegreaterishiswell-beingandthemoreidealizedhisluxury；thefurtherheextendshisconquestsoverNature，themorestronglyhefortifieswithinhimtheprincipleoflifeandintelligenceintheexerciseofwhichhealonefindshappiness；tillfinally，theearlyeducationoftheLaborercompletedandorderintroducedintohisoccupations，tolabor，withhim，isnolongertosuffer，——itistolive，toenjoy。

Buttheattractivenessoflabordoesnotnullifytherule，since，onthecontrary，itisthefruitofit；andthosewho，underthepretextthatlaborshouldbeattractive，reasontothedenialofjusticeandtocommunism，resemblechildrenwho，afterhavinggatheredsomeflowersinthegarden，shouldarrangeaflower-bedonthestaircase。

Insociety，then，justiceissimplytheproportionalityofvalues；itsguaranteeandsanctionistheresponsibilityoftheproducer。

Prometheusknowsthatsuchaproductcostsanhour”slabor，suchanotheraday”s，aweek”s，ayear”s；heknowsatthesametimethatalltheseproducts，arrangedaccordingtotheircost，formtheprogressionofhiswealth。First，then，hewillassurehisexistencebyprovidinghimselfwiththeleastcostly，andconsequentlymostnecessary，things；then，asfastashispositionbecomessecure，hewilllookforwardtoarticlesofluxury，proceedingalways，ifheiswise，accordingtothenaturalpositionofeacharticleinthescaleofprices。SometimesPrometheuswillmakeamistakeinhiscalculations，orelse，carriedawaybypassion，hewillsacrificeanimmediategoodtoaprematureenjoyment，and，afterhavingtoiledandmoiled，hewillstarve。Thus，thelawcarrieswithititsownsanction；itsviolationisinevitablyaccompaniedbytheimmediatepunishmentofthetransgressor。

Say，then，wasrightinsaying：“Thehappinessofthisclass(theconsumers)，composedofalltheothers，constitutesthegeneralwell-being，thestateofprosperityofacountry。”Onlyheshouldhaveaddedthatthehappinessoftheclassofproducers，whichalsoiscomposedofalltheothers，equallyconstitutesthegeneralwell-being，thestateofprosperityofacountry。

So，whenhesays：“Thefortuneofeachconsumerisperpetuallyatwarwithallthathebuys，“heshouldhaveaddedagain：“Thefortuneofeachproducerisincessantlyattackedbyallthathesells。”Intheabsenceofaclearexpressionofthisreciprocity，mosteconomicalphenomenabecomeunintelligible；

andIwillsoonshowhow，inconsequenceofthisgraveomission，mosteconomistsinwritingtheirbookshavetalkedwildlyaboutthebalanceoftrade。

Ihavejustsaidthatsocietyproducesfirsttheleastcostly，andconsequentlymostnecessary，things。Now，isittruethatcheapnessofproductsisalwaysacorrelativeoftheirnecessity，andviceversa；sothatthesetwowords，necessityandcheapness，likethefollowingones，costlinessandsuperfluity，aresynonymes？

Ifeachproductoflabor，takenalone，wouldsufficefortheexistenceofman，thesynonymyinquestionwouldnotbedoubtful；allproductshavingthesamequalities，thosewouldbemostadvantageouslyproduced，andthereforethemostnecessary，whichcosttheleast。Buttheparallelbetweentheutilityandpriceofproductsisnotcharacterizedbythistheoreticalprecision：eitherthroughtheforesightofNatureorfromsomeothercause，thebalancebetweenneedsandproductivepowerismorethanatheory，——

itisafact，ofwhichdailypractice，aswellassocialprogress，givesevidence。

Imagineourselveslivinginthedayafterthebirthofmanatthebeginningofcivilization：isitnottruethattheindustriesoriginallythesimplest，thosewhichrequiredtheleastpreparationandexpense，werethefollowing：

gathering，pasturage，hunting，andfishing，whichwerefollowedlongafterwardsbyagriculture？Sincethen，thesefourprimitiveindustrieshavebeenperfected，andmoreoverappropriated：adoublecircumstancewhichdoesnotchangethemeaningofthefacts，but，onthecontrary，makesitmoremanifest。

Infact，propertyhasalwaysattacheditselfbypreferencetoobjectsofthemostimmediateutility，tomadevalues，ifImaysospeak；sothatthescaleofvaluesmightbefixedbytheprogressofappropriation。

Inhisworkonthe“LibertyofLabor“M。Dunoyerhaspositivelyacceptedthisprinciplebydistinguishingfourgreatclassesofindustry，whichhearrangesaccordingtotheorderoftheirdevelopment，——thatis，fromtheleastlabor-costtothegreatest。Theseareextractiveindustry，——

includingallthesemi-barbarousfunctionsmentionedabove，——commercialindustry，manufacturing，industry，agriculturalindustry。Anditisforaprofoundreasonthatthelearnedauthorplacedagriculturelastinthelist。For，despiteitsgreatantiquity，itiscertainthatthisindustryhasnotkeptpacewiththeothers，andthesuccessionofhumanaffairsisnotdecidedbytheirorigin，butbytheirentiredevelopment。Itmaybethatagriculturalindustrywasbornbeforetheothers，anditmaybethatallwerecontemporary；butthatwillbedeemedofthelatestdatewhichshallbeperfectedlast。

Thustheverynatureofthings，aswellashisownwants，indicatestothelaborertheorderinwhichheshouldeffecttheproductionofthevaluesthatmakeuphiswell-being。Ourlawofproportionality，then，isatoncephysicalandlogical，objectiveandsubjective；ithasthehighestdegreeofcertainty。Letuspursuetheapplication。

Ofalltheproductsoflabor，noneperhapshascostlongerandmorepatienteffortsthanthecalendar。Nevertheless，thereisnonetheenjoymentofwhichcannowbeprocuredmorecheaply，andwhich，consequently，byourowndefinitions，hasbecomemorenecessary。How，then，shallweexplainthischange？Whyhasthecalendar，souselesstotheearlyhordes，whoonlyneededthealternationofnightandday，asofwinterandsummer，becomeatlastsoindispensable，sounexpensive，soperfect？For，byamarvelousharmony，insocialeconomyalltheseadjectivesareinterconvertible。

Howaccount，inshort，byourlawofproportion，forthevariabilityofthevalueofthecalendar？

Inorderthatthelabornecessarytotheproductionofthecalendarmightbeperformed，mightbepossible，manhadtofindmeansofgainingtimefromhisearlyoccupationsandfromthosewhichimmediatelyfollowedthem。Inotherwords，theseindustrieshadtobecomemoreproductive，orlesscostly，thantheywereatthebeginning：whichamountstosayingthatitwasnecessaryfirsttosolvetheproblemoftheproductionofthecalendarfromtheextractiveindustriesthemselves。

Suppose，then，thatsuddenly，byafortunatecombinationofefforts，bythedivisionoflabor，bytheuseofsomemachine，bybettermanagementofthenaturalresources，——inshort，byhisindustry，——Prometheusfindsawayofproducinginonedayasmuchofacertainobjectasheformerlyproducedinten：whatwillfollow？Theproductwillchangeitspositioninthetableoftheelementsofwealth；itspowerofaffinityforotherproducts，sotospeak，beingincreased，itsrelativevaluewillbeproportionatelydiminished，and，insteadofbeingquotedatonehundred，itwillthereafterbequotedonlyatten。Butthisvaluewillstillandalwaysbenonethelessaccuratelydetermined，anditwillstillbelaboralonewhichwillfixthedegreeofitsimportance。Thusvaluevaries，andthelawofvalueisunchangeable：further，ifvalueissusceptibleofvariation，itisbecauseitisgovernedbyalawwhoseprincipleisessentiallyinconstant，——namely，labormeasuredbytime。

Thesamereasoningappliestotheproductionofthecalendarastothatofallpossiblevalues。Idonotneedtoexplainhow——civilization(thatis，thesocialfactoftheincreaseoflife)multiplyingourtasks，renderingourmomentsmoreandmoreprecious，andobligingustokeepaperpetualanddetailedrecordofourwholelife——thecalendarhasbecometoalloneofthemostnecessarythings。Weknow，moreover，thatthiswonderfuldiscoveryhasgivenrise，asitsnaturalcomplement，tooneofourmostvaluableindustries，themanufactureofclocksandwatches。

Atthispointthereverynaturallyarisesanobjection，theonlyonethatcanbeofferedagainstthetheoryoftheproportionalityofvalues。

Sayandtheeconomistswhohavesucceededhimhaveobservedthat，laborbeingitselfanobjectofvaluation，aspeciesofmerchandiseindeedlikeanyother，totakeitastheprincipalandefficientcauseofvalueistoreasoninaviciouscircle。Therefore，theyconclude，itisnecessarytofallbackonscarcityandopinion。

Theseeconomists，iftheywillallowmetosayit，hereinhaveshownthemselveswonderfullycareless。Laborissaidtohavevalue，notasmerchandiseitself，butinviewofthevaluessupposedtobecontainedinitpotentially。

Thevalueoflaborisafigurativeexpression，ananticipationofeffectfromcause。

Itisafictionbythesametitleastheproductivityofcapital。Laborproduces，capitalhasvalue：andwhen，byasortofellipsis，wesaythevalueoflabor，wemakeanenjambementwhichisnotatallcontrarytotherulesoflanguage，butwhichtheoristsoughttoguardagainstmistakingforareality。Labor，likeliberty，love，ambition，genius，isathingvagueandindeterminateinitsnature，butqualitativelydefinedbyitsobject，——thatis，itbecomesarealitythroughitsproduct。When，therefore，wesay：Thisman”slaborisworthfivefrancsperday，itisasifweshouldsay：Thedailyproductofthisman”slaborisworthfivefrancs。

Now，theeffectoflaboriscontinuallytoeliminatescarcityandopinionasconstitutiveelementsofvalue，and，bynecessaryconsequence，totransformnaturalorindefiniteutilities(appropriatedornot)intomeasurableorsocialutilities：whenceitfollowsthatlaborisatonceawardeclaredupontheparsimonyofNatureandapermanentconspiracyagainstproperty。

Accordingtothisanalysis，value，consideredfromthepointofviewoftheassociationwhichproducers，bydivisionoflaborandbyexchange，naturallyformamongthemselves，istheproportionalrelationoftheproductswhichconstitutewealth，andwhatwecallthevalueofanyspecialproductisaformulawhichexpresses，intermsofmoney，theproportionofthisproducttothegeneralwealth——Utilityisthebasisofvalue；laborfixestherelation；thepriceistheexpressionwhich，barringthefluctuationsthatweshallhavetoconsider，indicatesthisrelation。

Suchisthecentrearoundwhichusefulandexchangeablevalueoscillate，thepointwheretheyarefinallyswallowedupanddisappear：suchistheabsolute，unchangeablelawwhichregulateseconomicdisturbancesandthefreaksofindustryandcommerce，andgovernsprogress。Everyeffortofthinkingandlaboringhumanity，everyindividualandsocialspeculation，asanintegrantpartofcollectivewealth，obeysthislaw。Itwasthedestinyofpoliticaleconomy，bysuccessivelypositingallitscontradictoryterms，tomakethislawknown；theobjectofsocialeconomy，whichIaskpermissionforamomenttodistinguishfrompoliticaleconomy，althoughatbottomthereisnodifferencebetweenthem，willbetospreadandapplyituniversally。

Thetheoryofthemeasureorproportionalityofvaluesis，letitbenoticed，thetheoryofequalityitself。Indeed，justasinsociety，wherewehaveseenthatthereisacompleteidentitybetweenproducerandconsumer，therevenuepaidtoanidlerislikevaluecastintotheflamesofEtna，sothelaborerwhoreceivesexcessivewagesislikeagleanertowhomshouldbegivenaloafofbreadforgatheringastalkofgrain：andallthattheeconomistshavequalifiedasunproductiveconsumptionisinrealitysimplyaviolationofthelawofproportionality。

Weshallseeinthesequencehow，fromthesesimpledata，thesocialgeniusgraduallydeducesthestillobscuresystemoforganizationoflabor，distributionofwages，valuationofproducts，anduniversalsolidarity。

Forsocialorderisestablisheduponthebasisofinexorablejustice，notatallupontheparadisicalsentimentsoffraternity，self-sacrifice，andlove，totheexerciseofwhichsomanyhonorablesocialistsareendeavoringnowtostimulatethepeople。Itisinvainthat，followingJesusChrist，theypreachthenecessity，andsettheexample，ofsacrifice；selfishnessisstronger，andonlythelawofseverity，economicfatality，iscapableofmasteringit。Humanitarianenthusiasmmayproduceshocksfavorabletotheprogressofcivilization；butthesecrisesofsentiment，liketheoscillationsofvalue，mustalwaysresultonlyinafirmerandmoreabsoluteestablishmentofjustice。Nature，orDivinity，wedistrustinourhearts：shehasneverbelievedintheloveofmanforhisfellow；andallthatsciencerevealstousofthewaysofProvidenceintheprogressofsociety——Isayittotheshameofthehumanconscience，butourhypocrisymustbemadeawareofit——showsaprofoundmisanthropyonthepartofGod。Godhelpsus，notfrommotivesofgoodness，butbecauseorderishisessence；Godpromotesthewelfareoftheworld，notbecausehedeemsitworthy，butbecausethereligionofhissupremeintelligencelaystheobligationuponhim：andwhilethevulgargivehimthesweetnameFather，itisimpossibleforthehistorian，forthepoliticaleconomist，tobelievethatheeitherlovesoresteemsus。

Letusimitatethissublimeindifference，thisstoicalataraxia，ofGod；and，sincethepreceptofcharityalwayshasfailedtopromotesocialwelfare，letuslooktopurereasonfortheconditionsofharmonyandvirtue。

Value，conceivedastheproportionalityofproducts，otherwisecalledCONSTITUTEDVALUE，necessarilyimpliesinanequaldegreeutilityandvenality，indivisiblyandharmoniouslyunited。Itimpliesutility，for，withoutthiscondition，theproductwouldbedestituteofthataffinitywhichrendersitexchangeable，andconsequentlymakesitanelementofwealth；itimpliesvenality，since，iftheproductwasnotacceptableinthemarketatanyhourandataknownprice，itwouldbeonlyanon-value，itwouldbenothing。

But，inconstitutedvalue，allthesepropertiesacquireabroader，moreregular，truersignificancethanbefore。Thus，utilityisnolongerthatinertcapacity，sotospeak，whichthingspossessofservingforourenjoymentsandinourresearches；venalityisnolongertheexaggerationofablindfancyoranunprincipledopinion；finally，variabilityhasceasedtoexplainitselfbyadisingenuousdiscussionbetweensupplyanddemand：allthathasdisappearedtogiveplacetoapositive，normal，and，underallpossiblecircumstances，determinableidea。Bytheconstitutionofvalueseachproduct，ifitisallowabletoestablishsuchananalogy，becomeslikethenourishmentwhich，discoveredbythealimentaryinstinct，thenpreparedbythedigestiveorgans，entersintothegeneralcirculation，whereitisconverted，accordingtocertainproportions，intoflesh，bone，liquid，etc。，andgivestothebodylife，strength，andbeauty。

Now，whatchangedoestheideaofvalueundergowhenwerisefromthecontradictorynotionsofusefulvalueandexchangeablevaluetothatofconstitutedvalueorabsolutevalue？Thereis，sotospeak，ajoiningtogether，areciprocalpenetration，inwhichthetwoelementaryconcepts，graspingeachotherlikethehookedatomsofEpicurus，absorboneanotheranddisappear，leavingintheirplaceacompoundpossessed，butinasuperiordegree，ofalltheirpositiveproperties，anddivestedofalltheirnegativeproperties。

Avaluereallysuch——likemoney，first-classbusinesspaper，governmentannuities，sharesinawell-establishedenterprise——canneitherbeincreasedwithoutreasonnorlostinexchange：itisgovernedonlybythenaturallawoftheadditionofspecialindustriesandtheincreaseofproducts。

Further，suchavalueisnottheresultofacompromise，——thatis，ofeclecticism，juste-milieu，ormixture；itistheproductofacompletefusion，aproductentirelynewanddistinctfromitscomponents，justaswater，theproductofthecombinationofhydrogenandoxygen，isaseparatebody，totallydistinctfromitselements。

Theresolutionoftwoantitheticalideasinathirdofasuperiororderiswhattheschoolcallssynthesis。Italonegivesthepositiveandcompleteidea，whichisobtained，aswehaveseen，bythesuccessiveaffirmationornegation——forbothamounttothesamething——oftwodiametricallyoppositeconcepts。Whencewededucethiscorollary，ofthefirstimportanceinpracticeaswellasintheory：wherever，inthespheresofmorality，history，orpoliticaleconomy，analysishasestablishedtheantinomyofanidea，wemayaffirmonapriorigroundsthatthisantinomyconcealsahigheridea，whichsoonerorlaterwillmakeitsappearance。

Iamsorrytohavetoinsistatsogreatlengthonideasfamiliartoallyoungcollegegraduates：butIowedthesedetailstocertaineconomists，who，aproposofmycritiqueofproperty，haveheapeddilemmasondilemmastoprovethat，ifIwasnotaproprietor，Inecessarilymustbeacommunist；

allbecausetheydidnotunderstandthesis，antithesis，andsynthesis。

Thesyntheticideaofvalue，asthefundamentalconditionofsocialorderandprogress，wasdimlyseenbyAdamSmith，when，tousethewordsofM。Blanqui，“heshowedthatlaboristheuniversalandinvariablemeasureofvalues，andprovedthateverythinghasitsnaturalprice，towardwhichitcontinuallygravitatesamidthefluctuationsofthemarket，occasionedbyaccidentalcircumstancesforeigntothevenalvalueofthething。”

ButthisideaofvaluewaswhollyintuitivewithAdamSmith，andsocietydoesnotchangeitshabitsuponthestrengthofintuitions；itdecidesonlyupontheauthorityoffacts。Theantinomyhadtobeexpressedinaplainerandclearermanner：J。B。Saywasitsprincipalinterpreter。But，inspiteoftheimaginativeeffortsandfearfulsubtletyofthiseconomist，Smith”sdefinitioncontrolshimwithouthisknowledge，andismanifestthroughouthisarguments。

“Toputavalueonanarticle，“saysSay，“istodeclarethatitshouldbeestimatedequallywithsomeotherdesignatedarticle……ThevalueofeverythingisvagueandarbitraryuntilitisRECOGNIZED……”Thereis，therefore，amethodofrecognizingthevalueofthings，——thatis，ofdeterminingit；and，asthisrecognitionordeterminationresultsfromthecomparisonofthingswitheachother，thereis，further，acommonfeature，aprinciple，bymeansofwhichweareabletodeclarethatonethingisworthmoreorlessthan，orasmuchas，another。

Sayfirstsaid：“Themeasureofvalueisthevalueofanotherproduct。”

Afterwards，havingseenthatthisphrasewasbutatautology，hemodifieditthus：“Themeasureofvalueisthequantityofanotherproduct，“whichisquiteasunintelligible。Moreover，thiswriter，generallysoclearanddecided，embarrasseshimselfwithvaindistinctions：“Wemayappreciatethevalueofthings；wecannotmeasureit，——thatis，compareitwithaninvariableandknownstandard，fornosuchstandardexists。Wecandonothingbutestimatethevalueofthingsbycomparingthem。”Atothertimeshedistinguishesbetweenrealvaluesandrelativevalues：“Theformerarethosewhosevaluechangeswiththecostofproduction；thelatterarethosewhosevaluechangesrelativelytothevalueofotherkindsofmerchandise。”

Singularprepossessionofamanofgenius，whodoesnotseethattocompare，toappraise，toappreciate，istoMEASURE；thateverymeasure，beingonlyacomparison，indicatesforthatveryreasonatruerelation，providedthecomparisonisaccurate；that，consequently，value，orrealmeasure，andvalue，orrelativemeasure，areperfectlyidentical；andthatthedifficultyisreduced，nottothediscoveryofastandardofmeasure，sinceallquantitiesmayserveeachotherinthatcapacity，buttothedeterminationofapointofcomparison。Ingeometrythepointofcomparisonisextent，andtheunitofmeasureisnowthedivisionofthecircleintothreehundredandsixtyparts，nowthecircumferenceoftheterrestrialglobe，nowtheaveragedimensionofthehumanarm，hand，thumb，orfoot。

Ineconomicscience，wehavesaidafterAdamSmith，thepointofviewfromwhichallvaluesarecomparedislabor；asfortheunitofmeasure，thatadoptedinFranceistheFRANC。Itisincrediblethatsomanysensiblemenshouldstruggleforfortyyearsagainstanideasosimple。Butno：

Thecomparisonofvaluesiseffectedwithoutapointofcomparisonbetweenthem，andwithoutaunitofmeasure，——suchisthepropositionwhichtheeconomistsofthenineteenthcentury，ratherthanaccepttherevolutionaryideaofequality，haveresolvedtomaintainagainstallcomers。Whatwillposteritysay？

Ishallpresentlyshow，bystrikingexamples，thattheideaofthemeasureorproportionofvalues，theoreticallynecessary，isconstantlyrealizedinevery-daylife。

3——Applicationofthelawofproportionalityofvalues。

Everyproductisarepresentativeoflabor。

Everyproduct，therefore，canbeexchangedforsomeother，asuniversalpracticeproves。

Butabolishlabor，andyouhaveleftonlyarticlesofgreaterorlessusefulness，which，beingstampedwithnoeconomiccharacter，nohumanseal，arewithoutacommonmeasure，——thatis，arelogicallyunexchangeable。

Goldandsilver，likeotherarticlesofmerchandise，arerepresentativesofvalue；theyhave，therefore，beenabletoserveascommonmeasuresandmediumsofexchange。Butthespecialfunctionwhichcustomhasallottedtothepreciousmetals，——thatofservingasacommercialagent，——ispurelyconventional，andanyotherarticleofmerchandise，lessconvenientlyperhaps，butjustasauthentically，couldplaythispart：theeconomistsadmitit，andmorethanoneexampleofitcanbecited。What，then，isthereasonofthispreferencegenerallyaccordedtothemetalsforthepurposeofmoney，andhowshallweexplainthisspecialityoffunction，unparalleledinpoliticaleconomy，possessedbyspecie？Foreveryuniquethingincomparableinkindisnecessarilyverydifficultofcomprehension，andoftenevenfailsofitaltogether。Now，isitpossibletoreconstructtheseriesfromwhichmoneyseemstohavebeendetached，and，consequently，restorethelattertoitstrueprinciple？

Indealingwiththisquestiontheeconomists，followingtheirusualcourse，haverushedbeyondthelimitsoftheirscience；theyhaveappealedtophysics，tomechanics，tohistory，etc。；theyhavetalkedofallthings，buthavegivennoanswer。Thepreciousmetals，theyhavesaid，bytheirscarcity，density，andincorruptibility，arefittedtoserveasmoneyin，adegreeunapproachedbyotherkindsofmerchandise。Inshort，theeconomists，insteadofreplyingtotheeconomicquestionputtothem，havesetthemselvestotheexaminationofaquestionofart。Theyhavelaidgreatstressonthemechanicaladaptationofgoldandsilverforthepurposeofmoney；

butnotoneofthemhasseenorunderstoodtheeconomicreasonwhichgavetothepreciousmetalstheprivilegetheynowenjoy。

Now，thepointthatnoonehasnoticedisthat，ofallthevariousarticlesofmerchandise，goldandsilverwerethefirstwhosevaluewasdetermined。

Inthepatriarchalperiod，goldandsilverstillwereboughtandsoldiningots，butalreadywithavisibletendencytosuperiorityandwithamarkedpreference。Graduallysovereignstookpossessionofthemandstampedthemwiththeirseal；andfromthisroyalconsecrationwasbornmoney，——thatis，thecommodityparexcellence；thatwhich，notwithstandingallcommercialshocks，maintainsadeterminedproportionalvalue，andisacceptedinpaymentforallthings。

Thatwhichdistinguishesspecie，infact，isnotthedurabilityofthemetal，whichislessthanthatofsteel，noritsutility，whichismuchbelowthatofwheat，iron，coal，andnumerousothersubstances，regardedasalmostvilewhencomparedwithgold；neitherisititsscarcityordensity，forinboththeserespectsitmightbereplaced，eitherbylaborspentuponothermaterials，or，asatpresent，bybanknotesrepresentingvastamountsofironorcopper。Thedistinctivefeatureofgoldandsilver，Irepeat，isthefactthat，owingtotheirmetallicproperties，thedifficultiesoftheirproduction，and，aboveall，theinterventionofpublicauthority，theirvalueasmerchandisewasfixedandauthenticatedatanearlydate。

Isaythenthatthevalueofgoldandsilver，especiallyofthepartthatismadeintomoney，althoughperhapsithasnotyetbeencalculatedaccurately，isnolongerarbitrary；Iaddthatitisnolongersusceptibleofdepreciation，likeothervalues，althoughitmayvarycontinuallynevertheless。

Allthelogicanderuditionthathasbeenexpendedtoprove，bytheexampleofgoldandsilver，thatvalueisessentiallyindeterminable，isamassofparalogisms，arisingfromafalseideaofthequestion，abignorantiaelenchi。

PhilipI，KingofFrance，mixedwiththelivretournoisofCharlemagneone-thirdalloy，imaginingthat，sinceheheldthemonopolyofthepowerofcoiningmoney，hecoulddowhateverymerchantdoeswhoholdsthemonopolyofaproduct。Whatwas，infact，thisadulterationofmoney，forwhichPhilipandhissuccessorsaresoseverelyblamed？Averysoundargumentfromthestandpointofcommercialroutine，butwhollyfalseintheviewofeconomicscience，——namely，that，supplyanddemandbeingtheregulatorsofvalue，wemay，eitherbycausinganartificialscarcityorbymonopolizingthemanufacture，raisetheestimation，andconsequentlythevalue，ofthings，andthatthisisastrueofgoldandsilverasofwheat，wine，oil，tobacco。

Nevertheless，Philip”sfraudwasnosoonersuspectedthanhismoneywasreducedtoitstruevalue，andhelosthimselfallthathehadexpectedtogainfromhissubjects。Thesamethinghappenedafterallsimilarattempts。

Whatwasthereasonofthisdisappointment？

Because，saytheeconomists，thequantityofgoldandsilverinrealitybeingneitherdiminishednorincreasedbythefalsecoinage，theproportionofthesemetalstoothermerchandisewasnotchanged，andconsequentlyitwasnotinthepowerofthesovereigntomakethatwhichwasworthbuttwoworthfour。Forthesamereason，if，insteadofdebasingthecoin，ithadbeenintheking”spowertodoubleitsmass，theexchangeablevalueofgoldandsilverwouldhavedecreasedone-halfimmediately，alwaysonaccountofthisproportionalityandequilibrium。Theadulterationofthecoinwas，then，onthepartoftheking，aforcedloan，orrather，abankruptcy，aswindle。

Marvelous！theeconomistsexplainveryclearly，whentheychoose，thetheoryofthemeasureofvalue；thattheymaydoso，itisnecessaryonlytostartthemonthesubjectofmoney。Why，then，dotheynotseethatmoneyisthewrittenlawofcommerce，thetypeofexchange，thefirstlinkinthatlongchainofcreationsallofwhich，asmerchandise，mustreceivethesanctionofsociety，andbecome，ifnotinfact，atleastinright，acceptableasmoneyinsettlementofallkindsoftransactions？

“Money，“M。Augierverytrulysays，“canserve，eitherasameansofauthenticatingcontractsalreadymade，orasagoodmediumofexchange，onlysofarasitsvalueapproachestheidealofpermanence；forinallcasesitexchangesorbuysonlythevaluewhichitpossesses。”(1*)

Letusturnthiseminentlyjudiciousobservationintoageneralformula。

Laborbecomesaguaranteeofwell-beingandequalityonlysofarastheproductofeachindividualisinproportionwiththemass；forinallcasesitexchangesorbuysavalueequalonlytoitsown。

Isitnotstrangethatthedefenceofspeculativeandfraudulentcommerceisundertakenboldly，whileatthesametimetheattemptofaroyalcounterfeiter，who，afterall，didbutapplytogoldandsilverthefundamentalprincipleofpoliticaleconomy，thearbitraryinstabilityofvalues，isfrowneddown？

Iftheadministrationshouldpresumetogivetwelveouncesoftobaccoforapound，(2*)theeconomistswouldcryrobbery；but，ifthesameadministration，usingitsprivilege，shouldincreasethepriceafewcentsapound，theywouldregarditasdear，butwoulddiscovernoviolationofprinciples。

Whatanimbroglioispoliticaleconomy！

Thereis，then，inthemonetizationofgoldandsilversomethingthattheeconomistshavegivennoaccountof；namely，theconsecrationofthelawofproportionality，thefirstactintheconstitutionofvalues。Humanitydoesallthingsbyinfinitelysmalldegrees：aftercomprehendingthefactthatallproductsoflabormustbesubmittedtoaproportionalmeasurewhichmakesallofthemequallyexchangeable，itbeginsbygivingthisattributeofabsoluteexchangeabilitytoaspecialproduct，whichshallbecomethetypeandmodelofallothers。Inthesameway，toliftitsmemberstolibertyandequality，itbeginsbycreatingkings。Thepeoplehaveaconfusedideaofthisprovidentialprogresswhen，intheirdreamsoffortuneandintheirlegends，theyspeakcontinuallyofgoldandroyalty；andthephilosophersonlydohomagetouniversalreasonwhen，intheirso-calledmoralhomiliesandtheirsocialisticutopias，theythunderwithequalviolenceagainstgoldandtyranny。Aurisacrafames！Cursedgold！ludicrouslyshoutssomecommunist。Aswellsaycursedwheat，cursedvines，cursedsheep；for，likegoldandsilver，everycommercialvaluemustreachanexactandaccuratedetermination。Theworkwasbegunlongsince；todayitismakingvisibleprogress。

Letuspasstootherconsiderations。

Itisanaxiomgenerallyadmittedbytheeconomiststhatalllaborshouldleaveanexcess。

Iregardthispropositionasuniversallyandabsolutelytrue；itisacorollaryofthelawofproportionality，whichmayberegardedasanepitomeofthewholescienceofeconomy。But——Ibegpardonoftheeconomists-theprinciplethatalllaborshouldleaveanexcesshasnomeaningintheirtheory，andisnotsusceptibleofdemonstration。Ifsupplyanddemandalonedeterminevalue，howcanwetellwhatisanexcessandwhatisasufficiency？Ifneithercost，normarketprice，norwagescanbemathematicallydetermined，howisitpossibletoconceiveofasurplus，aprofit？Commercialroutinehasgivenustheideaofprofitaswellastheword；and，sinceweareequalpolitically，weinferthateverycitizenhasanequalrighttorealizeprofitsinhispersonalindustry。Butcommercialoperationsareessentiallyirregular，andithasbeenprovedbeyondquestionthattheprofitsofcommercearebutanarbitrarydiscountforcedfromtheconsumerbytheproducer，——inshort，adisplacement，tosaytheleast。Thisweshouldsoonsee，ifitwaspossibletocomparethetotalamountofannuallosseswiththeamountofprofits。Inthethoughtofpoliticaleconomy，theprinciplethatalllaborshouldleaveanexcessissimplytheconsecrationoftheconstitutionalrightwhichallofusgainedbytherevolution，——

therightofrobbingone”sneighbor。

Thelawofproportionalityofvaluesalonecansolvethisproblem。I

willapproachthequestionalittlefartherback：itsgravitywarrantsmeintreatingitwiththeconsiderationthatitmerits。

Mostphilosophers，likemostphilologists，seeinsocietyonlyacreatureofthemind，orrather，anabstractnameservingtodesignateacollectionofmen。Itisaprepossessionwhichallofusreceivedinourinfancywithourfirstlessonsingrammar，thatcollectivenouns，thenamesofgeneraandspecies，donotdesignaterealities。Thereismuchtosayunderthishead，butIconfinemyselftomysubject。Tothetrueeconomist，societyisalivingbeing，endowedwithanintelligenceandanactivityofitsown，governedbyspeciallawsdiscoverablebyobservationalone，andwhoseexistenceismanifested，notunderamaterialaspect，butbythecloseconcertandmutualinterdependenceofallitsmembers。Therefore，whenafewpagesback，adoptingtheallegoricalmethod，weusedafabulousgodasasymbolofsociety，ourlanguageinrealitywasnotintheleastmetaphorical：

weonlygaveanametothesocialbeing，anorganicandsyntheticunit。

Intheeyesofanyonewhohasreflecteduponthelawsoflaborandexchange(Idisregardeveryotherconsideration)，thereality，Ihadalmostsaidthepersonality，ofthecollectivemanisascertainastherealityandthepersonalityoftheindividualman。Theonlydifferenceisthatthelatterappearstothesensesasanorganismwhosepartsareinastateofmaterialcoherence，whichisnottrueofsociety。Butintelligence，spontaneity，development，life，allthatconstitutesinthehighestdegreetherealityofbeing，isasessentialtosocietyastoman：andhenceitisthatthegovernmentofsocietiesisascience，——thatis，astudyofnaturalrelations，——andnotanart，-thatis，goodpleasureandabsolutism。

Henceitis，finally，thateverysocietydeclinesthemomentitfallsintothehandsoftheideologists。

Theprinciplethatalllaborshouldleaveanexcess，undemonstrablebypoliticaleconomy，——thatis，byproprietaryroutine，——isoneofthosewhichbearstrongesttestimonytotherealityofthecollectiveperson：

for，asweshallsee，thisprincipleistrueofindividualsonlybecauseitemanatesfromsociety，whichthusconfersuponthemthebenefitofitsownlaws。

Letusturntofacts。IthasbeenobservedthatrailroadenterprisesareasourceofwealthtothosewhocontroltheminamuchlessdegreethantotheState。Theobservationisatrueone；anditmighthavebeenaddedthatitapplies，notonlytorailroads，buttoeveryindustry。Butthisphenomenon，whichisessentiallytheresultofthelawofproportionalityofvaluesandoftheabsoluteidentityofproductionandconsumption，isatvariancewiththeordinarynotionofusefulvalueandexchangeablevalue。

Theaveragepricechargedforthetransportationofmerchandisebytheoldmethodiseighteencentimespertonandkilometer，themerchandisetakenanddeliveredatthewarehouses。Ithasbeencalculatedthat，atthisprice，anordinaryrailroadcorporationwouldnetaprofitofnotquitetenpercent。，nearlythesameastheprofitmadebytheoldmethod。

Butletusadmitthattherapidityoftransportationbyrailistothatbywheels，allallowancesmade，asfourtoone：insocietytimeitselfbeingvalue，atthesamepricetherailroadwouldhaveanadvantageoverthestage-wagonoffourhundredpercent。Nevertheless，thisenormousadvantage，averyrealonesofarassocietyisconcerned，isbynomeansrealizedinalikeproportionbythecarrier，who，whileheaddsfourhundredpercent。tothesocialvalue，makespersonallylessthantenpercent。Suppose，infact，tomakethethingstillclearer，thattherailroadshouldraiseitspricetotwenty-fivecentimes，theratebytheoldmethodremainingateighteen；itwouldloseimmediatelyallitsconsignments；shippers，consignees，everybodywouldreturntothestage-wagon，ifnecessary。Thelocomotivewouldbeabandoned；asocialadvantageoffourhundredpercent。

wouldbesacrificedtoaprivatelossofthirty-threepercent。

Thereasonofthisiseasilyseen。Theadvantagewhichresultsfromtherapidityoftherailroadiswhollysocial，andeachindividualparticipatesinitonlyinaveryslightdegree(donotforgetthatwearespeakingnowonlyofthetransportationofmerchandise)；whilethelossfallsdirectlyandpersonallyontheconsumer。Aspecialprofitoffourhundredpercent。

inasocietycomposedofsayamillionofmenrepresentsfourten-thousandthsforeachindividual；whilealosstotheconsumerofthirty-threepercentmeansasocialdeficitofthirty-threemillions。Privateinterestandcollectiveinterest，seeminglysodivergentatfirstblush，arethereforeperfectlyidenticalandequal：andthisexamplemayservetoshowalreadyhoweconomicsciencereconcilesallinterests。

Consequently，inorderthatsocietymayrealizetheprofitabovesupposed，itisabsolutelynecessarythattherailroad”spricesshallnotexceed，orshallexceedbutverylittle，thoseofthestage-wagon。

But，thatthisconditionmaybefulfilled，——inotherwords，thattherailroadmaybecommerciallypossible，——theamountofmattertransportedmustbesufficientlygreattocoveratleasttheinterestonthecapitalinvestedandtherunningexpensesoftheroad。Thenarailroad”sfirstconditionofexistenceisalargecirculation，whichimpliesastilllargerproductionandavastamountofexchanges。

Butproduction，circulation，andexchangearenotself-creativethings；

again，thevariouskindsoflaborarenotdevelopedinisolationandindependentlyofeachother：theirprogressisnecessarilyconnected，solidary，proportional。

Theremaybeantagonismamongmanufacturers；but，inspiteofthem，socialactionisone，convergent，harmonious，——inaword，personal。Further，thereisadayappointedforthecreationofgreatinstrumentsoflabor：

itisthedaywhengeneralconsumptionshallbeabletomaintaintheiremployment，——thatis，forallthesepropositionsareinterconvertible，thedaywhenambientlaborcanfeednewmachinery。Toanticipatethehourappointedbytheprogressoflaborwouldbetoimitatethefoolwho，goingfromLyonstoMarseilles，charteredasteamerforhimselfalone。

Thesepointsclearedup，nothingiseasierthantoexplainwhylabormustleaveanexcessforeachproducer。

Andfirst，asregardssociety：Prometheus，emergingfromthewombofNature，awakenstolifeinastateofinertiawhichisverycharming，butwhichwouldsoonbecomemiseryandtortureifhedidnotmakehastetoabandonitforlabor。Inthisoriginalidleness，theproductofPrometheusbeingnothing，hiswell-beingisthesameasthatofthebrute，andmayberepresentedbyzero。

Prometheusbeginstowork：andfromhisfirstday”slabor，thefirstofthesecondcreation，theproductofPrometheus——thatis，hiswealth，hiswell-being——isequaltoten。

TheseconddayPrometheusdivideshislabor，andhisproductincreasestoonehundred。

Thethirdday，andeachfollowingday，Prometheusinventsmachinery，discoversnewusesinthings，newforcesinNature；thefieldofhisexistenceextendsfromthedomainofthesensestothesphereofmoralsandintelligence，andwitheverystepthathisindustrytakestheamountofhisproductincreases，andassureshimadditionalhappiness。Andsince，finally，withhim，toconsumeistoproduce，itisclearthateachday”sconsumption，usinguponlytheproductofthedaybefore，leavesasurplusproductforthedayafter。

Butnoticealso——andgiveespecialheedtothisall-importantfact——thatthewell-beingofmanisdirectlyproportionaltotheintensityoflaborandthemultiplicityofindustries：sothattheincreaseofwealthandtheincreaseoflaborarecorrelativeandparallel。

Tosaynowthateveryindividualparticipatesinthesegeneralconditionsofcollectivedevelopmentwouldbetoaffirmatruthwhich，byreasonoftheevidenceinitssupport，wouldappearsilly。Letuspointoutratherthetwogeneralformsofconsumptioninsociety。

Society，liketheindividual，hasfirstitsarticlesofpersonalconsumption，articleswhichtimegraduallycausesittofeeltheneedof，andwhichitsmysteriousinstinctscommandittocreate。Thusinthemiddleagestherewas，withalargenumberofcities，adecisivemomentwhenthebuildingofcityhallsandcathedralsbecameaviolentpassion，whichhadtobesatisfiedatanyprice；thelifeofthecommunitydependeduponit。Securityandstrength，publicorder，centralization，nationality，country，independence，thesearetheelementswhichmakeupthelifeofsociety，thetotalityofitsmentalfaculties；thesearethesentimentswhichmustfindexpressionandrepresentation。SuchformerlywastheobjectofthetempleofJerusalem，realpalladiumoftheJewishnation；suchwasthetempleofJupiterCapitolinusofRome。Later，afterthemunicipalpalaceandthetemple，——organs，sotospeak，ofcentralizationandprogress，——cametheotherworksofpublicutility，——bridges，theatres，schools，hospitals，roads，etc。

Themonumentsofpublicutilitybeingusedessentiallyincommon，andconsequentlygratuitously，societyisrewardedforitsadvancesbythepoliticalandmoraladvantagesresultingfromthesegreatworks，andwhich，furnishingsecuritytolaborandanidealtothemind，givefreshimpetustoindustryandthearts。

Butitisdifferentwiththearticlesofdomesticconsumption，whichalonefallwithinthecategoryofexchange。Thesecanbeproducedonlyupontheconditionsofmutualitywhichmakeconsumptionpossible，——thatis，immediatepaymentwithadvantagetotheproducers。Theseconditionswehavedevelopedsufficientlyinthetheoryofproportionalityofvalues，whichwemightcallaswellthetheoryofthegradualreductionofcost。

Ihavedemonstratedtheoreticallyandbyfactstheprinciplethatalllaborshouldleaveanexcess；butthisprinciple，ascertainasanypropositioninarithmetic，isveryfarfromuniversalrealization。While，bytheprogressofcollectiveindustry，eachindividualday”slaboryieldsagreaterandgreaterproduct，andwhile，bynecessaryconsequence，thelaborer，receivingthesamewages，mustgroweverricher，thereexistinsocietyclasseswhichthriveandclasseswhichperish；laborerspaidtwice，thrice，ahundredtimesover，andlaborerscontinuallyoutofpocket；everywhere，finally，peoplewhoenjoyandpeoplewhosuffer，and，byamonstrousdivisionofthemeansofindustry，individualswhoconsumeanddonotproduce。Thedistributionofwell-beingfollowsallthemovementsofvalue，andreproducestheminmiseryandluxuryonafrightfulscaleandwithterribleenergy。

Buteverywhere，too，theprogressofwealth——thatis，theproportionalityofvalues——isthedominantlaw；andwhentheeconomistscombatthecomplaintsofthesocialistswiththeprogressiveincreaseofpublicwealthandthealleviationsoftheconditionofeventhemostunfortunateclasses，theyproclaim，withoutsuspectingit，atruthwhichisthecondemnationoftheirtheories。

ForIentreattheeconomiststoquestionthemselvesforamomentinthesilenceoftheirhearts，farfromtheprejudiceswhichdisturbthem，andregardlessoftheemploymentswhichoccupythemorwhichtheywaitfor，oftheinterestswhichtheyserve，ofthevoteswhichtheycovet，ofthedistinctionswhichtickletheirvanity：letthemtellmewhether，hitherto，theyhaveviewedtheprinciplethatalllaborshouldleaveanexcessinconnectionwiththisseriesofpremisesandconclusionswhichwehaveelaborated，andwhethertheyeverhaveunderstoodthesewordstomeananythingmorethantherighttospeculateinvaluesbymanipulatingsupplyanddemand；whetheritisnottruethattheyaffirmatonce，ontheonehandtheprogressofwealthandwell-being，andconsequentlythemeasureofvalues，andontheotherthearbitrarinessofcommercialtransactionsandtheincommensurabilityofvalues，——theflattestofcontradictions？

Isitnotbecauseofthiscontradictionthatwecontinuallyhearrepeatedinlectures，andreadintheworksonpoliticaleconomy，thisabsurdhypothesis：

IfthepriceofALLthingswasdoubled……？Asifthepriceofallthingswasnottheproportionofthings，andasifwecoulddoubleaproportion，arelation，alaw！Finally，isitnotbecauseoftheproprietaryandabnormalroutineupheldbypoliticaleconomythateveryone，incommerce，industry，thearts，andtheState，onthepretendedgroundofservicesrenderedtosociety，tendscontinuallytoexaggeratehisimportance，andsolicitsrewards，subsidies，largepensions，exorbitantfees：asiftherewardofeveryservicewasnotdeterminednecessarilybythesumofitsexpenses？Whydonottheeconomists，iftheybelieve，astheyappearto，thatthelaborofeachshouldleaveanexcess，usealltheirinfluenceinspreadingthistruth，sosimpleandsoluminous：Eachman”slaborcanbuyonlythevaluewhichitcontains，andthisvalueisproportionaltotheservicesofallotherlaborers？

Butherealastconsiderationpresentsitself，whichIwillexplaininafewwords。

J。B。Say，whoofalltheeconomistshasinsistedthemoststrenuouslyupontheabsoluteindeterminabilityofvalue，isalsotheonewhohastakenthemostpainstorefutethatidea。He，ifIamnotmistaken，istheauthoroftheformula：Everyproductisworthwhatitcosts；or，whatamountstothesamething：Productsareboughtwithproducts。Thisaphorism，whichleadsstraighttoequality，hasbeencontrovertedsincebyothereconomists；

wewillexamineinturntheaffirmativeandthenegative。

WhenIsaythateveryproductisworththeproductswhichithascost，Imeanthateveryproductisacollectiveunitwhich，inanewform，groupsacertainnumberofotherproductsconsumedinvariousquantities。Whenceitfollowsthattheproductsofhumanindustryare，inrelationtoeachother，generaandspecies，andthattheyformaseriesfromthesimpletothecomposite，accordingtothenumberandproportionoftheelements，allequivalenttoeachother，whichconstituteeachproduct。Itmatterslittle，forthepresent，thatthisseries，aswellastheequivalenceofitselements，isexpressedinpracticemoreorlessexactlybytheequilibriumofwagesandfortunes；ourfirstbusinessiswiththerelationofthings，theeconomiclaw。Forhere，asever，theideafirstandspontaneouslygeneratesthefact，which，recognizedthenbythethoughtwhichhasgivenitbirth，graduallyrectifiesitselfandconformstoitsprinciple。Commerce，freeandcompetitive，isbutalongoperationofredressal，whoseobjectistodefinemoreandmoreclearlytheproportionalityofvalues，untilthecivillawshallrecognizeitasaguideinmattersconcerningtheconditionofpersons。Isay，then，thatSay”sprinciple，Everyproductisworthwhatitcosts，indicatesaseriesinhumanproductionanalogoustotheanimalandvegetableseries，inwhichtheelementaryunits(day”sworks)areregardedasequal。Sothatpoliticaleconomyaffirmsatitsbirth，butbyacontradiction，whatneitherPlato，norRousseau，noranyancientormodernpublicisthasthoughtpossible，-equalityofconditionsandfortunes。

Prometheusisbyturnshusbandman，wine-grower，baker，weaver。Whatevertradeheworksat，laboringonlyforhimself，hebuyswhatheconsumes(hisproducts)withoneandthesamemoney(hisproducts)，whoseunitofmeasurementisnecessarilyhisday”swork。Itistruethatlaboritselfisliabletovary；Prometheusisnotalwaysinthesamecondition，andfromonemomenttoanotherhisenthusiasm，hisfruitfulness，risesandfalls。But，likeeverythingthatissubjecttovariation，laborhasitsaverage，whichjustifiesusinsayingthat，onthewhole，day”sworkpaysforday”swork，neithermorenorless。Itisquitetruethat，ifwecomparetheproductsofacertainperiodofsociallifewiththoseofanother，thehundredmillionthday”sworkofthehumanracewillshowaresultincomparablysuperiortothatofthefirst；butitmustberememberedalsothatthelifeofthecollectivebeingcannomorebedividedthanthatoftheindividual；

that，thoughthedaysmaynotresembleeachother，theyareindissolublyunited，andthatinthesumtotalofexistencepainandpleasurearecommontothem。If，then，thetailor，forrenderingthevalueofaday”swork，consumestentimestheproductoftheday”sworkoftheweaver，itisasiftheweavergavetendaysofhislifeforonedayofthetailor”s。Thisisexactlywhathappenswhenapeasantpaystwelvefrancstoalawyerforadocumentwhichittakeshimanhourtoprepare；andthisinequality，thisiniquityinexchanges，isthemostpotentcauseofmiserythatthesocialistshaveunveiled，——astheeconomistsconfessinsecretwhileawaitingasignfromthemasterthatshallpermitthemtoacknowledgeitopenly。

Everyerrorincommutativejusticeisanimmolationofthelaborer，atransfusionofthebloodofonemanintothebodyofanother……Letnoonebefrightened；Ihavenointentionoffulminatingagainstpropertyanirritatingphilippic；especiallyasIthinkthat，accordingtomyprinciples，humanityisnevermistaken；that，inestablishingitselfatfirstupontherightofproperty，itonlylaiddownoneoftheprinciplesofitsfutureorganization；andthat，thepre-ponderanceofpropertyoncedestroyed，itremainsonlytoreducethisfamousantithesistounity。AlltheobjectionsthatcanbeofferedinfavorofpropertyIamaswellacquaintedwithasanyofmycritics，whomIaskasafavortoshowtheirheartswhenlogicfailsthem。Howcanwealththatisnotmeasuredbylaborbevaluable？Andifitislaborthatcreateswealthandlegitimatesproperty，howexplaintheconsumptionoftheidler？Whereisthehonestyinasystemofdistributioninwhichaproductisworth，accordingtotheperson，nowmore，nowless，thanitcosts。

Say”sideasledtoanagrarianlaw；therefore，theconservativepartyhastenedtoprotestagainstthem。“Theoriginalsourceofwealth，“M。Rossihadsaid，“islabor。Inproclaimingthisgreatprinciple，theindustrialschoolhasplacedinevidencenotonlyaneconomicprinciple，butthatsocialfactwhich，inthehandsofaskilfulhistorian，becomesthesurestguideinfollowingthehumanraceinitsmarchingsandhaltingsuponthefaceoftheearth。”

Why，afterhavingutteredtheseprofoundwordsinhislectures，hasM。Rossithoughtithisdutytoretractthemafterwardsinareview，andtocompromisegratuitouslyhisdignityasaphilosopherandaneconomist？

“Saythatwealthistheresultoflaboralone；affirmthatlaborisalwaysthemeasureofvalue，theregulatorofprices；yet，toescapeonewayoranothertheobjectionswhichthesedoctrinescallforthonallhands，someincomplete，othersabsolute，youwillbeobligedtogeneralizetheideaoflabor，andtosubstituteforanalysisanutterlyerroneoussynthesis。”

IregretthatamanlikeM。Rossishouldsuggesttomesosadathought；

but，whilereadingthepassagethatIhavejustquoted，Icouldnothelpsaying：Scienceandtruthhavelosttheirinfluence：thepresentobjectofworshipistheshop，and，aftertheshop，thedesperateconstitutionalismwhichrepresentsit。Towhom，then，doesM。Rossiaddresshimself？Isheinfavoroflabororsomethingelse；analysisorsynthesis？Isheinfavorofallthesethingsatonce？Lethimchoose，fortheconclusionisinevitablyagainsthim。

Iflaboristhesourceofallwealth，ifitisthesurestguideintracingthehistoryofhumaninstitutionsonthefaceoftheearth，whyshouldequalityofdistribution，equalityasmeasuredbylabor，notbealaw？

If，onthecontrary，thereiswealthwhichisnottheproductoflabor，whyisthepossessionofitaprivilege？Whereisthelegitimacyofmonopoly？

Explainthen，onceforall，thistheoryoftherightofunproductiveconsumption；

thisjurisprudenceofcaprice，thisreligionofidleness，thesacredprerogativeofacasteoftheelect。

What，now，isthesignificanceofthisappealfromanalysistothefalsejudgmentsofthesynthesis？Thesemetaphysicaltermsareofnouse，savetoindoctrinatesimpletons，whodonotsuspectthatthesamepropositioncanbeconstrued，indifferentlyandatwill，analyticallyorsynthetically。

Laboristheprincipleofvalueendthesourceofwealth：ananalyticpropositionsuchasM。Rossilikes，sinceitisthesummaryofananalysisinwhichitisdemonstratedthattheprimitivenotionoflaborisidenticalwiththesubsequentnotionsofproduct，value，capital，wealth，etc。Nevertheless，weseethatM。Rossirejectsthedoctrinewhichresultsfromthisanalysis。

Labor，capital，andlandarethesourcesofwealth：asyntheticproposition，preciselysuchasM。Rossidoesnotlike。Indeed，wealthisconsideredhereasageneralnotion，producedinthreedistinct，butnotidentical，ways。AndyetthedoctrinethusformulatedistheonethatM。Rossiprefers。

Now，woulditpleaseM。Rossitohaveusrenderhistheoryofmonopolyanalyticallyandoursoflaborsynthetically？Icangivehimthesatisfaction……

ButIshouldblush，withsoearnestaman，toprolongsuchbadinage。M。

Rossiknowsbetterthananyonethatanalysisandsynthesisofthemselvesproveabsolutelynothing，andthattheimportantwork，asBaconsaid，istomakeexactcomparisonsandcompleteenumerations。

SinceM。Rossiwasinthehumorforabstractions，whydidhenotsaytothephalanxofeconomistswholistensorespectfullytotheleastwordthatfallsfromhislips：

“Capitalisthematerialofwealth，asgoldandsilverarethematerialofmoney，aswheatisthematerialofbread，and，tracingtheseriesbacktotheend，asearth，water，fire，andairarethematerialofallourproducts。Butitislabor，laboralone，whichsuccessivelycreateseachutilitygiventothesematerials，andwhichconsequentlytransformsthemintocapitalandwealth。Capitalistheresultoflabor，——thatis，realizedintelligenceandlife，——asanimalsandplantsarerealizationsofthesouloftheuniverse，andasthechefsd”oeuvreofHomer，Raphael，andRossiniareexpressionsoftheirideasandsentiments。Valueistheproportioninwhichalltherealizationsofthehumansoulmustbalanceeachotherinordertoproduceaharmoniouswhole，which，beingwealth，givesuswell-being，orratheristhetoken，nottheobject，ofourhappiness。

“Theproposition，thereisnomeasureofvalue，isillogicalandcontradictory，asisshownbytheveryargumentswhichhavebeenofferedinitssupport。

“Theproposition，laboristheprincipleofproportionalityofvalues，notonlyistrue，resultingasitdoesfromanirrefutableanalysis，butitistheobjectofprogress，theconditionandformofsocialwell-being，thebeginningandendofpoliticaleconomy。Fromthispropositionanditscorollaries，everyproductisworthwhatitcosts，andproductsareboughtwithproducts，followsthedogmaofequalityofconditions。

“Theideaofvaluesociallyconstituted，orofproportionalityofvalues，servestoexplainfurther：(a)howamechanicalinvention，notwithstandingtheprivilegewhichittemporarilycreatesandthedisturbanceswhichitoccasions，alwaysproducesintheendageneralamelioration；(b)howthevalueofaneconomicalprocesstoitsdiscoverercanneverequaltheprofitwhichitrealizesforsociety；(c)how，byaseriesofoscillationsbetweensupplyanddemand，thevalueofeveryproductconstantlyseeksalevelwithcostandwiththeneedsofconsumption，andconsequentlytendstoestablishitselfinafixedandpositivemanner；(d)how，collectiveproductioncontinuallyincreasingtheamountofconsumablethings，andtheday”sworkconstantlyobtaininghigherandhigherpay，labormustleaveanexcessforeachproducer；(e)howtheamountofworktobedone，insteadofbeingdiminishedbyindustrialprogress，everincreasesinbothquantityandquality——thatis，inintensityanddifficulty——inallbranchesofindustry；

(f)howsocialvaluecontinuallyeliminatesfictitiousvalues，——inotherwords，howindustryeffectsthesocializationofcapitalandproperty；

(g)finally，howthedistributionofproducts，growinginregularitywiththestrengthofthemutualguaranteeresultingfromtheconstitutionofvalue，pushessocietyonwardtoequalityofconditionsandfortunes。

“Finally，thetheoryofthesuccessiveconstitutionofallcommercialvaluesimplyingtheinfiniteprogressoflabor，wealth，andwell-being，theobjectofsociety，fromtheeconomicpointofview，isrevealedtous：Toproduceincessantly，withtheeleastpossibleamountoflaborforeachproduct，thegreatestpossiblequantityandvarietyofvalues，insuchawayastorealize，foreachindividual，thegreatestamountofphysical，moral，andintellectualwell-being，and，fortherace，thehighestperfectionandinfiniteglory。

Nowthatwehavedetermined，notwithoutdifficulty，themeaningofthequestionaskedbytheAcademyofMoralSciencestouchingtheoscillationsofprofitandwages，itistimetobegintheessentialpartofourwork。

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