Harmonies of political economy by Bastiat Frédéric 1801-1850

Author:Bastiat, Frédéric, 1801-1850. [from old catalog] & Stirling, Patrick James, 1809-1891, tr
Language: eng
Format: epub
Tags: Economics
Publisher: London, J. Murray
Published: 1860-03-25T05:00:00+00:00

from yoor labour. That depends upou the circumstances, and the value which these circumatimcea confer upon the two ser-vicefi which we are desirous to eschan^. By and by wc shall call attention to an external force called Competition, whose mission is to regulate values, and render them more and more proportional to efforts. Still this proportion is not of the essence of value, seeing that the proportion is established under the pressure of a contingent fact.

Keeping this in view, I maintiin that the value of land arises, fluctuates, and is determined, like that of gi^Id, iron, water, the lawyer's advice, the physician's consultation, the singer's or dancer's performance, the artist's pictun^—in short, like all other values; that it is subject to no exceptional lawsj that it conati-tntea a property the same in origin, the same in nature, and aa legitimate, as any other property. But it docs not at all follow, as you must now see, tliat, of two exertions of labour applied to the soil, one should not be much better remunerated than the other.

Let us revert again to that industry, the most simple of all, and the best fitted to show na the delicate jwint which separates the onerous labour of man from the gratuitous co-operation of natm*e. I allude to the humble induatrj* of the water-carrier.

A man procureis and brings home a Iwirrel of water. Docs he become possessed of a value necessarily proportionate to hia labour? In that caae, the value would be independent of the aer^'ice the water may render. Nay more, it would be fixed; for the labour,

,ce over, is no longer susceptible of increase or diminution.

Well, the day after he procures and brings home this barrel of water, it may lose its value, if, for example, it has rained during tlie night. In that case, every one is provided—the water can render no service, and is no longer wanted. In economic language, it has ceased to be in demand.

On the other hand, it may acquire considerable value, if extraordinary wants, unforeseen and pressing, come to manifest themselves.

What is the consequence ? that man, working for the future, is not exactly aware beforehand what value ihe future will attach to his labour. Value incorporated in a material object will be higher or lower, according as it renders more or less service, or, to express it more clearly, human lalKHU", which is th« source of

uCj receives according to circumstances a higher or lower rc-

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