X. The two most eminent economists [Footnote: The reader must continue to remember that this paper was written in 1824.] who have opposed the Ricardian doctrines are Mr. Malthus and Colonel Torrens. In the spring of 1820 Mr. Malthus published his "Principles of Political Economy," much of which was an attack upon Mr. Ricardo; and the entire second chapter of eighty-three pages, "On the Nature and Measures of Value," was one continued attempt to overthrow Mr. Ricardo's theory of value. Three years afterwards he published a second attack on the same theory in a distinct essay of eighty-one pages, entitled, "The Measure of Value Stated and Illustrated." In this latter work, amongst other arguments, he has relied upon one in particular, which he has chosen to exhibit in the form of a table. As it is of the last importance to Political Economy that this question should be settled, I will shrink from nothing that wears the semblance of an argument: and I will now examine this table; and will show that the whole of the inferences contained in the seventh, eighth, and ninth columns are founded on a gross blunder in the fifth and sixth; every number in which columns is falsely assigned.
MR. MALTHUS' TABLE ILLUSTRATING THE INVARIABLE VALUE OF LABOR AND ITS RESULTS.
(From p. 38 of "The Measure of Value Stated and Illustrated." London: 1823.)
N. B.—The sole change which has been made in this reprint of the original Table is the assigning of names (Alpha, Beta, etc.) to the several cases, for the purpose of easier reference and distinction.
CASE. 1 2 3 4 5 6 7 8 9
Alpha… 150 12 120 25 8 2 10 8.33 12.5
Beta…. 150 13 130 15.38 8.66 1.34 10 7.7 11.53
Gamma… 150 10 100 50 6.6 3.4 10 10 15
Delta… 140 12 120 16.66 8.6 1.4 10 7.14* 11.6
Epsilon. 140 11 110 27.2 7.85 2.15 10 9.09 12.7
Zeta…. 130 12 120 8.3 9.23 0.77 10 8.33 10.8
Eta….. 130 10 100 30 7.7 2.3 10 10 13
Theta… 120 11 110 9 9.17 0.83 10 9.09 10.9
Iota…. 120 10 100 20 8.33 1.67 10 10 12
Kappa… 110 10 100 10 9.09 0.91 10 10 11
Lambda.. 110 9 90 22.2 8.18 1.82 10 11.1 12.2
My…… 100 9 90 11.1 9 1 10 11.1 11.1
Ny…… 100 8 80 25 8 2 10 12.5 12.5
Xi…… 90 8 80 12.5 8.88 1.12 10 12.5 11.25
1.—Quarters of Corn produced by Ten Men. 2.—Yearly Corn Wages to each Laborer. 3.—Yearly Corn Wages of the whole Ten Men. 4.—Rate of Profits under the foregoing Circumstances. 5.—Quantity of Labor required to produce the Wages of Ten Men. 6.—Quantity of Profits on the Advance of Labor. 7.—Invariable Value of the Wages of a given Number of Men. 8.—Value of 100 Quarters of Corn under the varying Circumstances supposed. 9.—Value of the Product of the Labor of Ten Men under the Circumstances supposed.
[Footnote: *This is an oversight on the part of Mr. Malthus, and not an error of the press; for 7.14 would be the value of the 100 quarters on the supposition that the entire product of the ten men (namely, 140 quarters) went to wages; but the wages in this case (Delta) being 120 quarters, the true value on the principle of this table is manifestly 8.33.]
SECTION I.
Phæd. Now, X., you know that I abhor arithmetical calculations; besides which, I have no faith in any propositions of a political economist which he cannot make out readily without all this elaborate machinery of tables and figures. Under these circumstances, I put it to you, as a man of feeling, whether you ought to inflict upon me this alarming pile of computations; which, by your gloomy countenance, I see that you are meditating.