A Critical Dissertation on the Nature, Measures, and Causes of Value;

London: for R. Hunter,, 1825 & 1826. Among the masterpieces of criticism in our field First edition. Schumpeter judged that A Critical Dissertation on the Nature, Measures, and Causes of Value "must rank among the masterpieces of criticism in our field" and should "suffice to secure to its author a place in or near front rank in the history of scientific economics" (Schumpeter 486). "In his work on economics Bailey's main achievement was to take on the Ricardian establishment, in the years when David Ricardo's theories were at their most influential. In [A Critical Dissertation] he challenged the basic assumption of Ricardo that value was determined by labour. To him, value was a relative concept, springing from subjective causes; the degree of 'esteem' or 'mental affection', much like the later utility, governed the intensity of demand. Supply conditions, such as output under constant or variable cost, could also affect relative values. Thus value could vary, especially from one period to another. Bailey also exposed what he saw as the weaknesses of Ricardo's subsistence theory of wages, for example by means of applying the analysis of rent to wage differentials so as to reflect labour scarcity or variations in skill" (ODNB). Octavo (203 x 132 mm), recent boards to style, paper spine label, original endpapers preserved. Author's presentation inscription at head of title ("Presented to Edward Baker Esq, by his sincere friend the Author"crossed through in ink. Title page restored in gutter, leaf edges a little brittle, with the odd chip. Occasional pencil underlining and side-ruling; a good copy of a scarce book. Einaudi 245; Goldsmiths' 24381; Kress C.1368; Mattioli 177; Sraffa 179.