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CHAPTER III.

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Of the measure of Utility, or of Value.

Whatever contributes to augment our enjoyments and to diminish our sufferings, is useful to us.

We are frequently very unjust appreciators of the real utility of things.

But the measure of utility which, right or wrong, we ascribe to a thing is the sum of the sacrifices we are disposed to make to procure its possession.

This is what is called the price of this thing, it is its real value in relation to riches.

The mean then of enriching ourselves is to devote ourselves to that species of labour which is most dearly paid for, whatever be its nature. This is true as to a nation as well as to an individual.

Observe always that the conventional value, the market price of a thing, being determined by the balance of the resistance of sellers and buyers, a thing without being less desired becomes less dear, when it is more easily produced.

This is the great advantage of the progress of the arts. It causes us to be provided for on better terms, because we are so with less trouble.

A Treatise on Political Economy

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