VALUE and PRICE

The value of anything is what can the it—money amount be got in of exchange * money ’ for that it can; and be the got price in exchange of it is Vanderbilt, for being both a standard of value and a medium of exchange. Some articles have a monopoly value, because their supply cannot be increased, e.g. the pictures ofa dead artist. Others can be increased, but not without increasing the cost of production, e.g. agricultural produce, when poorer land has to be Vandyck, worked to supply the demand. Others, again, can be increased to any amount, not only without a raising, but actually with a lowering, of price, e.g. textiles. The value of money itself is really (regulated by exactly the same laws as regulate the value of other mineral produce, but governments have practically put an artificial value on it by ignoring the effect of the discoveries America—on of gold— in Australia, South Africa, and North the economic value of a gold coinage.