A Treatise on Political Economy - The Production, Distribution, and Consumption of Wealth

But if only one bidder is willing to pay that price, and he is unable to resell the item without losing money, he will be paying more than it is worth. The only fair criterion of the value of an object is the amount of other commodities in general that can be readily obtained for it in exchange, whenever the owner wishes to part with it. In all commercial dealings and in all money valuations, this is called the current price.

What is it, then, that determines this current price of commodities?

The want or desire for any particular object depends upon the physical and moral nature of man, the climate he may live in, and the laws, customs, and manners of the particular society in which he happens to be a member. He has wants that are both physical and intellectual, social and individual—wants for himself and for his family. A bearskin and reindeer are articles of the first necessity to the Laplander A member of the Sámi people of northern Scandinavia., while their very names are unknown to the lazzarone A term for the poorest class of people in Naples, often depicted in historical texts as street-dwellers. of Naples, who cares for nothing in the world if he can only get his meal of ma— The text likely refers to "macaroni," a staple food in Naples.

political economy could claim the character of a science, as its province is to investigate the origin of value and the consequences of its existence.

• In the earlier editions of this work, I had described the measure of value as the value of the other product used as a point of comparison, which was incorrect. The quantity, and not the value, of that other product is the measure of value in the object being evaluated. This mistake gave rise to much ambiguity in my explanation, which the severity of criticism—both fair and unfair—has taught me to correct. It is right to be taught even by an enemy. original Latin: "Fas est et ab hoste doceri."