John Kells Ingram

Summary

John Kells Ingram 1911 Encyclopædia Britannica (1911)

What, he asks, is the measure of value? what regulates the amount of one thing which will be given for another? “Labour,” Smith answers, “is the real measure of the exchangeable value of all commodities.” “Equal quantities of labour at all times and places, are of equal value to the labourer.” “Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.”
Source: Wikisource

John Kells Ingram 1911 Encyclopædia Britannica (1911)

Wages are the reward of labour. Profit arises as soon as stock, being accumulated in the hands of one person, is employed by him in setting others to work, and supplying them with materials and subsistence, in order to make a gain by what they produce. Rent arises as soon as the land of a country has all become private property; “the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.” In every improved society, then, these three elements enter more or less into the price of the far greater part of commodities.
Source: Wikisource

John Kells Ingram 1911 Encyclopædia Britannica (1911)

In its action on the slave it marred in a great measure the happy effects of habitual industry by preventing the development of the sense of human dignity which lies at the foundation of morals. On the morality of the masters—whether personal, domestic, or social—the effects of the institution were disastrous. The habit of absolute rule, always dangerous, was peculiarly corrupting when it penetrated every department of daily life, and when no external interference checked individual caprice in its action on the feelings and fortunes of inferiors.
Source: Wikisource

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