...necessaries and conveniences required for the support of the labourer and his family ; or that quantity which is necessary to enable the labourers, one with...their race, without either increase or diminution." Whatever may be the truth of the theory in other respects, there is no doubt of its correctness in...

...misery. Mr. Ricardo has justly defined the price of labour to be such a quantity of commodities as will enable the labourers, one with another, to subsist,...their race, without either increase or diminution. Such is all which the nature of profit or interest on capital will allow them to receive, and such...

...is a natural or necessary price of labour, in the same manner as of commodities. Mr. Ricardo says, " Labour, like all other things which are purchased...perpetuate their race, without either increase or diminu* Sec more on Money-wages, in chapter on Gross Profits. tion."* He afterwards observes, " However...

...Habits of the Labouring Classes. THE natural price of labour has been defined by Mr. Ricardo to be " that price which is necessary to enable the labourers...their race, without either increase or diminution.''* This price I should really be disposed to call a most unnatural price ; because in a natural state...

...the price of labour be raised by the diminished supply. "The natural price of labour, they maintain, is that price which is necessary to enable the labourers, one with another, to subsist and perpetuate their race, without either increase or diminution." It is indeed desirable that this should...

...sold, and which may be increased and dimi" nished in quantity, has its natural and its market " prices. The natural price of labour is that price " which...their " race, without either increase or diminution? — Ricardo, p. 86, 3rd edition. This is a strange doctrine, seeing that it asserts those wages only...

...where the price, from obvious causes, may be barely described by Mr. Ricardo's definition ; namely, " a price which is necessary to enable the labourers one...their race, without " either increase or diminution." But contending, as I do, that the necessary price of labour in any country should be defined as that...

...issue with his predecessors on this point ? Let us see. In his chapter on Wages, he lays down that "the natural price of labour is that price which is...their race, without either increase or diminution." Perhaps you will think that by " natural price," he means the right price, the one most expedient for...

...necessaries and conveniences required for the support of the labourer and his family ; or that quantity which is necessary to enable the labourers, one with another, to subsist and perpetuate their race, without either increase or diminution.' " " These selfish dogmas are founded...

...natural price of labor," Ricardo states, "is that price which is necessary to enable the laborers, one with another, to subsist and to perpetuate their race, without either increase or diminution." Here we find, in the first place, that Ricardo made no attempt to consider the equity in the case....