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willing　to　run　some　hazard　of　being　tedious　in　order　to　be　sure

that　I　am　perspicuous；　and　after　taking　the　utmost　pains　that　I

can　to　be　perspicuous；　some　obscurity　may　still　appear　to　remain

upon　a　subject　in　its　own　nature　extremely　abstracted。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　V



Of　the　Real　and　Nominal　Price　of　Commodities；　or　their　Price　in

Labour；　and　their　Price　in　Money　



　　　　　EVERY　man　is　rich　or　poor　according　to　the　degree　in　which

he　can　afford　to　enjoy　the　necessaries；　conveniences；　and

amusements　of　human　life。　But　after　the　division　of　labour　has

once　thoroughly　taken　place；　it　is　but　a　very　small　part　of　these

with　which　a　man's　own　labour　can　supply　him。　The　far　greater

part　of　them　he　must　derive　from　the　labour　of　other　people；　and

he　must　be　rich　or　poor　according　to　the　quantity　of　that　labour

which　he　can　command；　or　which　he　can　afford　to　purchase。　The

value　of　any　commodity；　therefore；　to　the　person　who　possesses

it；　and　who　means　not　to　use　or　consume　it　himself；　but　to

exchange　it　for　other　commodities；　is　equal　to　the　quantity　of

labour　which　it　enables　him　to　purchase　or　command。　Labour；

therefore；　is　the　real　measure　of　the　exchangeable　value　of　all

commodities。

　　　　　The　real　price　of　everything；　what　everything　really　costs

to　the　man　who　wants　to　acquire　it；　is　the　toil　and　trouble　of

acquiring　it。　What　everything　is　really　worth　to　the　man　who　has

acquired　it；　and　who　wants　to　dispose　of　it　or　exchange　it　for

something　else；　is　the　toil　and　trouble　which　it　can　save　to

himself；　and　which　it　can　impose　upon　other　people。　What　is

bought　with　money　or　with　goods　is　purchased　by　labour　as　much　as

what　we　acquire　by　the　toil　of　our　own　body。　That　money　or　those

goods　indeed　save　us　this　toil。　They　contain　the　value　of　a

certain　quantity　of　labour　which　we　exchange　for　what　is　supposed

at　the　time　to　contain　the　value　of　an　equal　quantity。　Labour　was

the　first　price；　the　original　purchase…money　that　was　paid　for

all　things。　It　was　not　by　gold　or　by　silver；　but　by　labour；　that

all　the　wealth　of　the　world　was　originally　purchased；　and　its

value；　to　those　who　possess　it；　and　who　want　to　exchange　it　for

some　new　productions；　is　precisely　equal　to　the　quantity　of

labour　which　it　can　enable　them　to　purchase　or　command。

　　　　　Wealth；　as　Mr。　Hobbes　says；　is　power。　But　the　person　who

either　acquires；　or　succeeds　to　a　great　fortune；　does　not

necessarily　acquire　or　succeed　to　any　political　power；　either

civil　or　military。　His　fortune　may；　perhaps；　afford　him　the　means

of　acquiring　both；　but　the　mere　possession　of　that　fortune　does

not　necessarily　convey　to　him　either。　The　power　which　that

possession　immediately　and　directly　conveys　to　him；　is　the　power

of　purchasing；　a　certain　command　over　all　the　labour；　or　over　all

the　produce　of　labour；　which　is　then　in　the　market。　His　fortune

is　greater　or　less；　precisely　in　proportion　to　the　extent　of　this

power；　or　to　the　quantity　either　of　other　men's　labour；　or；　what

is　the　same　thing；　of　the　produce　of　other　men's　labour；　which　it

enables　him　to　purchase　or　command。　The　exchangeable　value　of

everything　must　always　be　precisely　equal　to　the　extent　of　this

power　which　it　conveys　to　its　owner。

　　　　　But　though　labour　be　the　real　measure　of　the　exchangeable

value　of　all　commodities；　it　is　not　that　by　which　their　value　is

commonly　estimated。　It　is　of　difficult　to　ascertain　the

proportion　between　two　different　quantities　of　labour。　The　time

spent　in　two　different　sorts　of　work　will　not　always　alone

determine　this　proportion。　The　different　degrees　of　hardship

endured；　and　of　ingenuity　exercised；　must　likewise　be　taken　into

account。　There　may　be　more　labour　in　an　hour's　hard　work　than　in

two　hours'　easy　business；　or　in　an　hour's　application　to　a　trade

which　it　cost　ten　years'　labour　to　learn；　than　in　a　month's

industry　at　an　ordinary　and　obvious　employment。　But　it　is　not

easy　to　find　any　accurate　measure　either　of　hardship　or

ingenuity。　In　exchanging；　indeed；　the　different　productions　of

different　sorts　of　labour　for　one　another；　some　allowance　is

commonly　made　for　both。　It　is　adjusted；　however；　not　by　any

accurate　measure；　but　by　the　higgling　and　bargaining　of　the

market；　according　to　that　sort　of　rough　equality　which；　though

not　exact；　is　sufficient　for　carrying　on　the　business　of　common

life。

　　　　　Every　commodity；　besides；　is　more　frequently　exchanged　for；

and　thereby　compared　with；　other　commodities　than　with　labour。　It

is　more　natural；　therefore；　to　estimate　its　exchangeable　value　by

the　quantity　of　some　other　commodity　than　by　that　of　the　labour

which　it　can　purchase。　The　greater　part　of　people；　too；

understand　better　what　is　meant　by　a　quantity　of　a　particular

commodity　than　by　a　quantity　of　labour。　The　one　is　a　plain

palpable　object；　the　other　an　abstract　notion；　which；　though　it

can　be　made　sufficiently　intelligible；　is　not　altogether　so

natural　and　obvious。

　　　　　But　when　barter　ceases；　and　money　has　become　the　common

instrument　of　commerce；　every　particular　commodity　is　more

frequently　exchanged　for　money　than　for　any　other　commodity。　The

butcher　seldom　carries　his　beef　or　his　mutton　to　the　baker；　or

the　brewer；　in　order　to　exchange　them　for　bread　or　for　beer；　but

he　carries　them　to　the　market；　where　he　exchanges　them　for　money；

and　afterwards　exchanges　that　money　for　bread　and　for　beer。　The

quantity　of　money　which　he　gets　for　them　regulates；　too；　the

quantity　of　bread　and　beer　which　he　can　afterwards　purchase。　It

is　more　natural　and　obvious　to　him；　therefore；　to　estimate　their

value　by　the　quantity　of　money；　the　commodity　for　which　he

immediately　exchanges　them；　than　by　that　of　bread　and　beer；　the

commodities　for　which　he　can　exchange　them　only　by　the

intervention　of　another　commodity；　and　rather　to　say　that　his

butcher's　meat　is　worth　threepence　or　fourpence　a　pound；　than

that　it　is　worth　three　or　four　pounds　of　bread；　or　three　or　four

quarts　of　small　beer。　Hence　it　comes　to　pass　that　the

exchangeable　value　of　every　commodity　is　more　frequently

estimated　by　the　quantity　of　money；　than　by　the　quantity　either

of　labour　or　of　any　other　commodity　which　can　be　had　in　exchange

for　it。

　　　　　Gold　and　silver；　however；　like　every　other　commodity；　vary

in　their　value；　are　sometimes　cheaper　and　sometimes　dearer；

sometimes　of　easier　and　sometimes　of　more　difficult　purchase。　The

quantity　of　labour　which　any　particular　quantity　of　them　can

purchase　or　command；　or　the　quantity　of　other　goods　which　it　will

exchange　for；　depends　always　upon　the　fertility　or　barrenness　of

the　mines　which　happen　to　be　known　about　the　time　when　such

exchanges　are　made。　The　discovery　of　the　abundant　mines　of

America　reduced；　in　the　sixteenth　century；　the　value　of　gold　and

silver　in　Europe　to　about　a　third　of　what　it　had　been　before。　As

it　costs　less　labour　to　bring　those　metals　from　the　mine　to　the

market；　so　when　they　were　brought　thither　they　could　purchase　or

command　less　labour；　and　this　revolution　in　their　value；　though

perhaps　the　greatest；　is　by　no　means　the　only　one　of　which

history　gives　some　account。　But　as　a　measure　of　quantity；　such　as

the　natural　foot；　fathom；　or　handful；　which　is　continually

varying　in　its　own　quantity；　can　never　be　an　accurate　measure　of

the　quantity　of　other　things；　so　a　commodity　which　is　itself

continually　varying　in　its　own　value；　can　never　be　an　accurate

measure　of　the　value　of　other　commodities。　Equal　quantities　of

labour；　at　all　times　and　places；　may　be　said　to　be　of　equal　value

to　the　labourer。　In　his　ordinary　state　of　health；　strength　and

spirits；　in　the　ordinary　degree　of　his　skill　and　dexterity；　he

must　always　laydown　the　same　portion　of　his　ease；　his　liberty；

and　his　happiness。　The　price　which　he　pays　must　always　be　the

same；　whatever　may　be　the　quantity　of　goods　which　he　receives　in

return　for　it。　Of　these；　indeed；　it　may　sometimes　purchase　a

greater　and　sometimes　a　smaller　quantity；　but　it　is　their　value

which　varies；　not　that　of　the　labour　which　purchases　them。　At　all

times　and　places　that　is　dear　which　it　is　difficult　to　come　at；

or　which　it　costs　much　labour　to　acquire；　and　that　cheap　which　is

to　be　had　easily；　or　with　very　little　labour。　Labour　alone；

therefore；　never　varying　in　its　own　value；　is　alone　the　ultimate

and　real　standard　by　which　the　value　of　all　commodities　can　at

all　times　and　places　be　estimated　and　compared。　It　is　their　real

price；　money　is　their　nominal　price　only。

　　　　　But　though　equal　quantities　of　labour　are　always　of　equal

value　to　the　labourer；　yet　to　the　person　who　employs　him　they

appear　sometimes　to　be　of　greater　and　sometimes　of　smaller　value。

He　purchases　them　sometimes　with　a　greater　and　sometimes　with　a

smaller　quantity　of　goods；　and　to　him　the　price　of　labour　seems

to　vary　like　that　of　all　other　things。　It　appears　to　him　dear　in

the　one　case；　and　cheap　in　the　other。　In　reality；　however；　it　is