Since labour, the primary regulator, cannot serve as a measure of exchangeable value, none of the products of labour can serve as such a measure.
There is, therefore, no measure of exchangeable value.
Such a measure is not needed; as a due regulation of the supply of labour, and the allowance of free scope to the principle of competition ensure sufficient stability of exchangeable value for all practical purposes.
In these requisites are included security of property, and freedom of exchange, to which political tranquillity and legislative impartiality are essential.
Price is the exponent of exchangeable value.
Transcriber’s Note
Words hyphenated on line or page breaks have the hyphen removed if the preponderance of other occurences are unhyphenated. Hyphens occuring midline are retained regardless of other unhyphenated occurences (step-mother/stepmother, straight-forward/straightforward, life-time/lifetime, work-house/workhouse, fish-women/fishwomen, door-way/doorway).
At line 12 of page 27 in “For Each and For All”, there is an opening double quote which seems superfluous. The author’s intent not being clear, it has been retained.