ABSTRACT
Using “value,” then, in its economic sense, we see that it is a relative term. One commodity is exchangeable for varying quantities of other commodities at different times. At any one time it will exchange for more of this or less of that. A very large quantity of things easily secured will exchange for a very small quantity of things difficult to obtain. Broadly speaking, some kinds of commodities are in general produced easily, and large quantities of them, therefore, are needed if we desire to exchange them for other things which are difficult to procure or to manufacture. At different times the ratios vary considerably, however; in one year a much larger quantity of wheat may be required to purchase a piece of iron than in another year….
