GLEANINGS 
IN 
SCIENCE. 
No. 20. — August , 1830. 
I. — On Value. 
An opinion now prevails, that unless the nature of value be thoroughly understood, 
the nature of wealth cannot be understood. I do not mean to assert that this 
opinion is correct, or otherwise ; it is sufficient that it exists, and that it influences 
writers on political economy. 
This opinion had its origin, more immediately, in the writings of Mr. Ricardo ; 
as his theory of profits, “ the crowning achievement,” as it is called, in the science 
of political economy, rests on certain propositions regarding the value of products. 
Now as Mr. Ricardo’s authority is admitted to be paramount and unquestionable, 
by the whole of the liberal writers of the age; and as the system of legislation, in 
matters connected with national wealth, recommended by these most indefatigable 
teachers of the ignorant, is bottomed on the admission of Mr. Ricardo’s infallibi- 
lity ; it behoves those, who do not like to take such things on trust, to institute 
an inquiry into the exact nature of this interesting subject, and to sift to the 
bottom those pretensions to infallibility, which are so clamorously and persever* 
ingly put forth. 
It is clear, that to come at just conclusions on a subject, which has, in these 
latter days, excited so much attention, we must descend to fundamental principles ; 
if the conclusions of Mr. Ricardo are vitiated by any false step in the progress of 
that chain of ratiocination, which has been so highly extolled as perfect, and as 
sound in every link, it is manifest that we can only hope to detect the breaks and 
flaws, by minutely examining every link in the chain ; and if we can go nearer 
even to the end of the chain than he has done, so much the more will the chances 
be increased of our detecting latent failures, or instances of seeming dependence, 
where the successive links are not really conjoined. This it is my intention to do ; 
but enough of preamble ; I sincerely believe that fallacies do exist in his argu- 
ments ; and I flatter myself with the hope of exhibiting them to the full satisfaction 
of my readers. They must bear, however, with, what will probably appear, my 
prolixity — they must remember that I am taking up the subject ah ini/io, and 
that I must carry conviction with me in every successive step I take in the disqui- 
sition ; else my labour, and their .attention, will unquestionably be thrown away. 
If I am found unconsciously tripping, I shall be happy to be informed of it; for I 
seek nothing hut truth. Another thing I beg of them to keep in mind, (for politi- 
cal bias will obscure the vision of the most determined searcher after abstract truth,) 
that although I conceive Mr. Ricardo’s reasonings to be fallacious, and although 
I am set in opposition to them, yet it does not follow that I shall ultimately 
adopt whatever happens to be diametrically opposed to his conclusions. It is the 
fallacy to which I wish to offer resistance, and to nothing else. A fallacious 
reasoner, provided he has talent, may readily reach many such conclusions, as a 
strict logician also arrives at ; particularly if these tally with existing appearances; 
for fallacy is a most supple, and a most subtile auxiliary to au able chief. All £ 
crave of the reader is, what every real enquirer after truth will most freely grant ; 
namely, that wholesome distrust of what has, (I maintain it,) been heretofore 
taken upon trust, by a very great majority ; and that he will shake himself free 
from those trammels which a great name, and the possession of very great, and 
very generally admitted talents, are apt to impose upon the mind. 
