ABSTRACT
That Bailey made little impact on McCulloch is clear from the continuity between an article which McCulloch published in the Scotsman2
in 1824 on exchangeable value, and the position which he took in the first edition of his Principles. In the Scotsman he expressed explicit disagreement with Ricardo over the effect of time, a disagreement based on the confusion which has already been examined, and again solved the problem of profit by calling processes such as fermentation 'labour' on the grounds already noted. It is interesting that he believed himself to have produced a theory of value superior to Ricardo's.3 Certainly he did not believe that their theories were the same; and once again he rejected the measure of value as the philosopher's stone.
