Page:Indian Journal of Economics Volume 2.djvu/661

 E(ONOMI($ IN AN(!IEN INDIA I seems certain now that Sukra did recognize the combined influence of the four chief elements of (I) scarcity, () cost of production, (8)utility, and, lastly (4) the moral and intellectual or subjective elements of demand and supply in the determination of values. Cost of Production--Sukra has in another passage separately pointed out determined by the cost that of value is fundamentally production, for says he--- "Whatever cost a commodity has incurred in being made or brought into the employable form, that cost is its value" (II. 856)!. In the necessarily brief treatment of the subic& we have not been informed o! the actual influence o! this item in controlling prices along with the other [actors mentioned by the author. except the bare mention No light has been thrown of the cost of production governing value, on the relations of cost, demand and value or on short-period and long-period prices stress on the point that prices say, wheat-vary in the same Pices of an Artile---Sukra also laid of the same good--- market 'at the same time "'prices are of a high, principle that prices are graded according. quality of a thing has been clearly enunciated. in proportion to the quality of the good: high, middling, or low when a thing is middling or low qualiy." Thus the to the Iluctuations in Market states the causes which market prices: - Pr/es--The subjoined line bring about fluctuations in "One should know that prices are fixed according to time and place." Herein all the v.&lues from (IV. 2. 106). congeries of. causes influencing the sides of demand and supply all the