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

—change is in itself a social act, and because exclusive property in a product obtained by personal exertion, or by an act of exchange, can only be secured through social institutions. It should be observed that social wealth is the only part of human wealth that can be the subject of scientific research. This is for two reasons:

1. It is the only part that is the object of human estimation—or at least, of the kind of estimation that is not entirely arbitrary and mental.
2. It is the only type of wealth that is created, distributed, and destroyed according to rules that can be identified by human science.

Understanding the foundation of the quality we call value—or rather, exchangeable value—leads us to perceive its origin. The items of social wealth are invested with value because it is necessary to give something up to obtain them, and that "something" is productive exertion original: "productive exertion"; the labor or effort required to produce a good. Once an item is obtained and this sacrifice has been made, the owner is truly wealthier; he has the means original: "wherewithal" to satisfy more of his wants.

If the object obtained through this sacrifice does not suit the owner's personal needs, he may use it to acquire something he does desire by exchanging it for another product. This other product will itself be the result of similar productive exertion. Thus, in effect, an exchange is actually a mutual transfer of the productive exertion of both parties, represented by their respective products. For example, when 15 kilograms original: "kilogr." of wheat are given for 1 kilogram of coffee, there is a simple transfer of the produc— The text breaks off here; likely "productive exertion" or "production."