The Measure of Value Stated and Illustrated With an Application of it to the Alterations in the Value of the English Currency since 1790

The book opens by parsing the everyday confusion between a thing’s usefulness and its purchasing power. It argues that political economy must focus on the latter – the ability of a commodity to command other goods – and sets out to find a reliable yardstick for that power. By distinguishing absolute (natural) value from the ever‑shifting nominal prices, the author frames a problem that still feels relevant to anyone watching modern price swings.

Building on Adam Smith’s principles, the work treats labor and profit as the core ingredients of natural value, while temporarily setting rent aside. The author then tests this framework by tracing the English currency’s fluctuations from the late eighteenth century onward, showing how wages, profits and commodity prices intertwine over time. Listeners will come away with a clear, historically grounded view of why measuring purchasing power is both challenging and essential.