SECTION II.
The table is now reduced to seven columns, and the logic of it is this: the four first columns express the conditions under which the three following ones are deduced as consequences; and they are to be read thus, taking the case Alpha by way of example: Suppose that (by column one) the land cultivated is of such a quality that ten laborers produce me one hundred and fifty quarters of corn; and that (by column two) each laborer receives for his own wages twelve quarters; in which case (by column three) the whole ten receive one hundred and twenty quarters; and thus (by column four) leave me for my profit thirty quarters out of all that they have produced; that is, twenty-five per cent. Under these conditions, I insist (says Mr. Malthus) that the wages of ten men, as stated in column three, let them be produced by little labor or much labor, shall never exceed or fall below one invariable value expressed in column seven; and, accordingly, by looking down that column, you will perceive one uniform valuation of 10. Upon this statement, it is manifest that the whole force of the logic turns upon the accuracy with which column three is valued in column seven. If that valuation be correct, then it follows that, under all changes in the quantity of labor which produces them, wages never alter in real value; in other words, the value of labor is invariable.
Phæd. But of course you deny that the valuation is correct?
X. I do, Phædrus; the valuation is wrong, even on Mr. Malthus' or any other man's principles, in every instance; the value is not truly assigned in a single case of the whole fourteen. For how does Mr. Malthus obtain this invariable value of ten? He resolves the value of the wages expressed in column three into two parts; one of which, under the name "labor," he assigns in column five; the other, under the name "profits," he assigns in column six; and column seven expresses the sum of these two parts; which are always kept equal to ten by always compensating each other's excesses and defects. Hence, Phædrus, you see that—as column seven simply expresses the sum of columns five and six—if those columns are right, column seven cannot be wrong. Consequently, it is in columns five and six that we are to look for the root of the error; which is indeed a very gross one.
Phil. Why, now, for instance, take the case Alpha, and what is the error you detect in that?
X. Simply, this—that in column five, instead of eight, the true value is 6.4; and in column six, instead of two, the true value is 1.6; the sum of which values is not ten, but eight; and that is the figure which should have stood in column seven.
Phil. How so, X.? In column five Mr. Malthus undertakes to assign the quantity of labor necessary (under the conditions of the particular case) to produce the wages expressed in column three, which in this case Alpha are one hundred and twenty quarters. Now, you cannot deny that he has assigned it truly; for, when ten men produce one hundred and fifty (by column one)—that is, each man fifteen—it must require eight to produce one hundred and twenty; for one hundred and twenty is eight times fifteen. Six men and four tenths of a man, the number you would substitute, could produce only ninety-six quarters.
X. Very true, Philebus; eight men are necessary to produce the one hundred and twenty quarters expressed in column three. And now answer me: what part of their own product will these eight producers deduct for their own wages?
Phil. Why (by column two), each man's wages in this case are twelve quarters; therefore the wages of the eight men will be ninety- six quarters.
X. And what quantity of labor will be necessary to produce these ninety-six quarters?
Phil. Each man producing fifteen, it will require six men's labor, and four tenths of another man's labor.
X. Very well; 6.4 of the eight are employed in producing the wages of the whole eight. Now tell me, Philebus, what more than their own wages do the whole eight produce?
Phil. Why, as they produce in all one hundred and twenty quarters, and their own deduction is ninety-six, it is clear that they produce twenty-four quarters besides their own wages.
X. And to whom do these twenty-four quarters go?
Phil. To their employer, for his profit.
X. Yes; and it answers the condition expressed in column four; for a profit of twenty-four quarters on ninety-six is exactly twenty- five per cent. But to go on—you have acknowledged that the ninety-six quarters for wages would be produced by the labor of 6.4 men. Now, how much labor will be required to produce the remaining twenty-four quarters for profits?
Phil. Because fifteen quarters require the labor of one man (by column one), twenty-four will require the labor of 1.6.
X. Right; and thus, Philebus, you have acknowledged all I wish. The object of Mr. Malthus is to ascertain the cost in labor of producing ten men's wages (or one hundred and twenty quarters) under the conditions of this case Alpha. The cost resolves itself, even on Mr. Malthus' principles, into so much wages to the laborers, and so much profit to their employer. Now, you or I will undertake to furnish Mr. Malthus the one hundred and twenty quarters, not (as he says) at a cost of ten men's labor (for at that cost we could produce him one hundred and fifty quarters by column one), but at a cost of eight. For six men and four tenths will produce the whole wages of the eight producers; and one man and six tenths will produce our profit of twenty-five per cent.
Phæd. The mistake, then, of Mr. Malthus, if I understand it, is egregious. In column five he estimates the labor necessary to produce the entire one hundred and twenty quarters—which, he says, is the labor of eight men; and so it is, if he means by labor what produces both wages and profits; otherwise, not. Of necessity, therefore, he has assigned the value both of wages and profits in column five. Yet in column six he gravely proceeds to estimate profits a second time.
X. Yes; and, what is still worse, in estimating these profits a second time over, he estimates them on the whole one hundred and twenty; that is, he allows for a second profit of thirty quarters; else it could not cost two men's labor (as by his valuation it does); for each man in the case Alpha produces fifteen quarters. Now, thirty quarters added to one hundred and twenty, are one hundred and fifty. But this is the product of ten men, and not the wages of ten men; which is the amount offered for valuation in column three, and which is all that column seven professes to have valued.