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Definitions in Political Economy

Note 86 — Chapter IX · SUMMARY OF THE REASONS FOR ADOPTING THE SUBJOINED DEFINITION OF THE MEASURE OF VALUE.

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It is a truth fruitful in important consequences, that the labour which commodities will command when in their natural state, by representing accurately the quantity of labour and profits necessary to produce them, must represent accurately the effectual demand for them. And this holds good at different places and times, referring of course to the labour of the same description at each place and time.

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