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38 THE ELEMENTS OF BAHKtNG.
Thus let A and B be any
two Economic Qnantiti< which
are exchanged at any moment; then we may nay
or
or
A valet B
A is of the Value of B
AB
Then B is tlie VALUE of A, in terms of B : and A w tfa VAMII
of B, in terms of A.
Thus, as the Physiocrates said** Value consists in tlut relation
of exchange which takes place between such and such a product:
between such a Quantity of one product and Buch a Quantity of
another.'*
4. Hence it is clear that Value is a Ratio, or an Equation.
It is like distance: it necessarily require* two objcnjtH. The
Value of a thing is always something
external to Itsdf, H m
absolutely impossible to predicate that any Quantity IIIIH Value*,
without at the same time implying that it can bt exchanged for
something: and of course everything it can bo exchanged fur
is its Value in that commodity. It i
impcmsibk to my that any
Quantity has Value, without at the mmiB timo ettating Value in
what whether bread, or shoes, or cloth, or money, or anything
else. So it is impossible to say that a town has dintnnce unlcwM
we state the place it is distant from. We can no moro nay that
a Quantity is worth, than we can say that London IB dixtunt.
And as any place is o different distance** from othw plau*, HO
any Quantity has as many Values as otiiar Quantities
it can be
exchanged for.
Now suppose B as above is ten guineas
: thon A. may b
either of the other three species of Economic Quantities,
be an immatarial
It
way
be a material product like a watch : or it
may
product, such as so much instruction in science or literature, or
so much amusement as so much acting, or any other gorvico or
kbour : or it
may be an incorporeal product as a Debt, under
the form of a Bank Note, or a Bill of ;
Exchange or m much
Bach
Public Stock, or any other species of Incorporeal property.
of tiiese species of Property
is of iihe Value of tea : and
therefore it manifestly follows that each of them must be equal to