LABOUR, WAGES, AND TRADES** UNIONS. 461 



Under these circumstances we are rather inclined to adopt as the 

 general definition of the word VALUE, that which Ricardo gives as 

 the definition of value in certain things limited in quantity,, as pecu- 

 liar wines, pictures, antiques, &c., and assume generally, that the 

 exchangeable value of all commodities is " wholly independent of the 

 quantity of labour originally necessary to produce them, and varies 

 with the varying wealth and inclinations of those who are desirous 

 to possess them." For as in the case of scarce or unique articles, 

 the price depends upon the inclination and ability to purchase of the 

 buyer so in articles of general consumption, the market price is 

 fixed by the lowest price which a preponderating bulk of sellers are 

 willing to take, and a preponderating bulk of buyers ready to give ; 

 insomuch that those who cannot afford, or do not choose to buy or 

 sell on those terms, must go out of the market. 



III. The Mar/eel of Labour. 



The actual labour employed by the hodmen attendant upon build- 

 ers in carrying bricks, mortar, &c. is much greater than that of the 

 mason, who puts the materials together in the building ; yet he re- 

 ceives less wages. The labour of the journeyman builder is much 

 more than that of the master who superintends ; yet the latter makes 

 more by his day's business than he pays the former. The price 

 which the master builder pays the journeyman builder for his day's 

 work is not precisely what he (the former) would rather give than be 

 obliged to do the work himself; the value of his own time is such 

 that he would find it convenient, should necessity arise, to pay a con- 

 siderably higher price for journeyman's labour, rather than do it him- 

 self. And if all hands were fully occupied in various businesses, and 

 there were none to find as substitutes in case of any refusing to work, 

 he would be obliged to give almost any price they might demand. 

 This would be the effect of a monopoly ; but such a monopoly never 

 has and never can exist for any length of time in the natural course 

 of things. It is true, and indeed it often happens, that, upon a sudden 

 demand for any particular kind of labour, the price of that labour will 

 immediately be somewhat increased beyond its usual standard. But 

 it will continue at that advanced price at the utmost only so long as 

 the increased demand exists ; for immediately on the demand falling 

 off, and there being less work than there are hands to do it, the most 

 needy labourers will be willing to take the employment that remains 

 at a lower price ; and thus, by offering competition, oblige the rest of 

 the craft to work for the same price. If, on the other hand, the de- 

 mand should continue nay, suppose even it was to go on increasing 

 the advance of wages could not continue very long. For idle persons, 

 or some of those engaged in other less profitable sorts of business, 

 would begin to turn their hands to this, and in due time offer a com- 

 petition of supply, which must immediately reduce the wages to a 

 fair, if not their usual level. Sometimes it will happen such are 

 the ever-balancing power and counteracting principles of nature that 

 by reason of the increased influx of hands induced by the temporary 

 or increasing demand, the price of that particular species of labour 

 will fall eventually below what it was before. 



