Page:Malthus 1823 The Measure of Value.djvu/26

 and as no other object whatever can represent a given quantity of labour, it is obvious that labour stands quite alone in this respect, and that it is the quantity of labour which a commodity will command, and not the quantity of any other commodity, which can represent the conditions of its supply, or its natural value.

It will be allowed, then,

First, that when commodities are obtained by labour alone, and sold immediately, they will, on an average, exchange with each other according to the quantity of labour employed upon them.

Secondly, that when profits are concerned, and differ either in rate or quantity, commodities can no longer exchange with each other, according to the quantity of labour employed upon them, except by accident.

Thirdly, that the quantity of accumulated and immediate labour applied to their production, must, in all the less complex cases, form