THE SCIENCE OF EXCHANGES. BY N. A. NICHOLSON, M. A., TRINITY COLLEGE, OXFORD. LONDON: EFFINGHAM WILSON, ROYAL EXCHANGE. 1861. 200 f. 44 PREFACE. THERE is no new theory in this book. The author has endeavoured to put forward rudimentary truths in the clearest way that he could. 1st Sept., 1861. THE SCIENCE OF EXCHANGES. CHAPTER I. 1. What is value? VALUE. Value is the real or fancied advantage which men derive from the use of anything. 2. What is exchange? Exchange is the giving something which has a value in order to get something in return which has also a value. 3. What is a commodity? A commodity is anything which has a value and can be exchanged. 4. What is production? It is turning the gifts of the earth into commodities. 5. What is consumption? It is the using of commodities. 6. What is consumption for the mere sake of consumption ? It is the using of commodities for the purpose of enjoyment. 7. What is consumption for the sake of production? It is the using of commodities which is unavoidably caused by that production; it is the cost of production itself. |