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Excerpt from The Measure of Value Stated and Illustrated: With an Application of It to the Alterations in the Value of the English Currency Since 1790
IT is generally allowed that the word value, in common language, has two different meanings; one, value in use, the other, value in exchange; the first expressing merely the usefulness of an object in supplying the most important wants of mankind, Without reference to its power of commanding other objects in exchange; and the second expressing the power of commanding other objects 1n exchange, Without reference to its usefulness in supplying the most important wants of mankind.
It is obviously value in the last sense, not the first, with which the science of Political Economy is mainly concerned.
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