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The Measure of Value Stated and Illustrated / With an Application of it to the Alterations in the Value of the English Currency since 1790 cover

The Measure of Value Stated and Illustrated / With an Application of it to the Alterations in the Value of the English Currency since 1790

By T. R. Malthus
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Economics

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The essay distinguishes value in use from value in exchange and seeks a stable measure for purchasing power by defining absolute or natural value versus relative or nominal value. It argues that labour (including accumulated labour) and profits form the principal components of natural value, with rent and other ingredients considered secondarily, and explains how variations in productive skill alter commodity values rather than the cost of labour. It examines how money's variability complicates measurement of value and applies the framework to analyze alterations in the English currency since 1790.

About the Author

Malthus, T. R. portrait

T. R. Malthus

Thomas Robert Malthus (1766-1834) was an English cleric and scholar, best known for his influential theories on population growth and its implications for society. His seminal work, "An Essay on the Principle of Population," published in 1798, argued that population growth would inevitably outpace food production, leading to widespread famine and societal challenges. Malthus's ideas sparked significant debate and laid the groundwork for modern demography and economics. He also contributed to political economy with works such as "An Inquiry into the Nature and Progress of Rent" and "Definitions in Political Economy." His insights continue to resonate in discussions about sustainability and resource management.

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