bour, and the
profits of stock, by accidental causes, without influencing the general
price of commodities, wages, or profits, since these effects are equally
operative in all stages of society, we may be permitted to leave them
entirely out of our consideration, whilst we are treating of the laws
which regulate natural prices, natural wages, and natural profits,
effects totally independent of these accidental causes. In speaking
then of the exchangeable value of commodities, or the power of
purchasing possessed by any one commodity, I mean always that power
which it would possess, if not disturbed by any temporary or accidental
cause, and which is its natural price.

CHAPTER V.

ON WAGES

Labour, like all other things which are purchased and sold, and which
may be increased or diminished in quantity, has its natural and its
market price. The natural price of labour is that price which is
necessary to enable the labourers, one with another, to subsist and to
perpetuate their race, without either increase or diminution.

The power of the labourer to support himself, and the family which may
be necessary to keep up the number of labourers, does not depend on the
quantity of money, which he may receive for wages; but on the quantity
of food, necessaries, and conveniences become essential to him from
habit, which that money will purchase. The natural price of labour,
therefore, depends on the price of the food, necessaries, and
conveniences required for the support of the labourer and his family.
With a rise in the price of food and necessaries, the natural price of
labour will rise; with the fall in their price, the natural price of
labour will fall.

With the progress of society, the natural price of labour has always a
tendency to rise, because one of the principal commodities by which its
natural price is regulated, has a tendency to become dearer, from the
greater difficulty of producing it. As, however, the improvements in
agriculture, the discovery of new markets, whence provisions may be
imported, may for a time counteract the tendency to a rise in the price
of necessaries, and may even occasion their natural price to fall, so
will the same causes produce the correspondent effects on the natural
price of labour.

The natural price of all commodities excepting raw produce and labour
has a tendency to fall, in the progress of wealth and population; for
though, on one hand, they are enhanced in real val