Ricardo à MacColloch, 8 août

40. Ricardo à Malthus, 13 juillet 1823 : MacCulloch and I did notsettle the question of value before we parted, — it is too difficult a one to settle in a conversation : 1 heard every thing he had to say in favour of his view, and promised, during my holiday, to bestow a good deal of considération on it. He means exactly wbat you say ; — he dœs not contend that commodities exchange for each other according to the qnantity of labour actnally worked up in them, but he constitutes a commodity the gênerai measure by which he estimâtes the value of ail others.

41. 2 décembre 1822 ; 3 février 1823 ; 7 avril 1823. « What are the circumstances which détermine the exchangeable value of commodities ». Elle avait été proposée par Torrens, qui attendait de la discussion d'importantes conséquences : < atthe présent crisis, a correct solution of it would

406 NOTES. (Pp. 73-74)

be followed bypractical resolts highly bénéficiai. Were the circomstaoces whicb détermine the relative value of commodities accurately kncnn-n and generally received, ail the controversy respecting the causes of the présent low value of agricultural prodoce would be set at rest, the origia and nature of the evil would be ascertained, and the appropriate remedy raight be promptly and safely applled » {TfXLveUer,2 déc 1822).— Mais les débats du club ne réussissent pas à faire l'accord des économistes sur cette question fondamentale ; Ricardo à Trower, 2i juillet 1823 : ... The progress of the science is very much impeded by thecontraryideaswhichmen attach to the Word value... Until we can agrée as to some common measure by which to estimate the variations in the value of thé commodities of wfaich we speak, altho* it be not, as it appears impossible any can be, an accurate measure of value, v^e cannot understand each other. I know MacCulloch's attention is turned to the subject and I expect much from his accuracy and précision... As for myself, I mean also to tum my thoughts to the subject, but I fear I cannot arrive at any sounder conclusions than the acknowledgedly imperfect ones which I hâve already publisted.