"The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative of labour which is necessary for its production, and not on the greater or less compensation which is paid for that labour."
It has been observed by Adam Smith, that 'the word Value has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called value in use; the other value in exchange. The things,' he continues, 'which have the gretest value in use, have frequently little or no value in exchange; and, on the contrary, those which have the greatest value in exchange, have little or no value in use; Water and air are abundantly useful; they are indeed indispensable to existence, yet, under ordinary circumstances, nothing can be obtained in exchange for them. Gold, on the contrary, though of little use compared with air or water, will change for a great quantity of other goods.
It has been observed - foi observado
The word Value has two different meanings - a palavra valor tem dois significados diferentes.
Utility - utilidade
The one may called - uma pode (ser) chamada
Value in use - valor de uso
Value in exchange - valor de troca
Utility then is not the measure of exchangeable value, although it is absolutely essential to it. If a commodity were in no way useful, - in other words, if it could in no way contribute to our gratification, - it would be destitute of exchangeable value, however scarce it might be, or whatever quantity of labour might be necessary to procure it.
then - então
exchangeable value - valor de troca
commodity - mercadoria
in other words - em outras palavras
in no way - de nenhum modo (aqui)
whatever quantity of labour - qualquer quantidade de trabalho
Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.
possessing - possuindo
derive - derivar, extrair
their - sua, seu
sources - fontes
from - de
to obtain them - para obtê-los
There are some commodities, the value of which is determined by their scarcity alone. No labour can increase the quantity of such goods, and therefore their value cannot be lowered by an increased supply. Some rare statues and pictures, scarce books and coins, wines of a peculiar quality, which can be made only from grapes grown on a particular soil, of which there is a very limited quantity, are all of this description. Their value is wholly independent of the quantity of labour originally necessary to produce them, and varies with the varying wealth and inclinations of those who are desirous to possess them.
there are some - há algumas
which - os quais
by their - pelos
no labour can increase the quantity of such goods - Nenhum trabalho pode aumentar a quantidade de tal produto.
therefore - portanto
some statues and pictures - algumas esculturas e quadros
These commodities, however, form a very small part of the mass of commodities daily exchanged in the market. By far the greatest part of those goods which are the objects of desire, are procured by labour, and they may be multiplied, not in one country alone, but in many, almost without any assignable limit, if we are disposed to bestow the labour necessary to obtain them.
these - essas
however - contudo
form a very small part of the mass - forma uma bem pequena parte da massa
in the market - no mercado
procured by labour - obtido por trabalho
alone - somente, só
In speaking then of commodities, of their exchangeable value, and of the laws which regulate their relative prices, we mean always such commodities only as can be increased in quantity by the exertion of human industry, and on the production of which competition operates without restraint.
in speaking - falando
of the laws which regulate - das leis que regulam
relative prices - preços relativos
we mean - isto é, nós queremos dizer
only - só
restraint - restrição
In the early stage of society, the exchangeable value of these commodities, or the rule which determines how much of one shall be given in exchange for another, depends almost exclusively on the comparative quantity of labour expended on each.
in the early stage - no estágio inicial
the rule which determines - a regra que determina
in exchange - em troca
another - outro
almost - quase
on each - sobre cada um.
'The real price of every thing, ' say Adam Smith, 'what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What every thing is really worth to it, or the man who has acquired it, and who wants to dispose of it, or exchange it for something else, is the toil and trouble which it can save to himself, and which it can impose upon other people.' 'Labour was the first price - the original purchase-money that was paid for all things.' Again, in that early and rude state of society, which precedes both the accumalation of stock and the appropriation of land, the proportion between the quantities of labour necessary for acquiring different object seems to be the only circumstance which can afford any rule for exchanging them for one another. If among a nation of hunters, for example, it usually cost twice the labour to kill a beaver which it does to kill a deer, one beaver should naturally exchange for, or be worth two deer. It is natural that what is usually the produce of two days', or two hours' labour, should be worth double of what is usually the produce of one day's, or one hour's labour.'
the real price of every thing - o preço real de cada coisa
the toil and trouble of acquiring it - a fadida e dificuldade para adquiri-lo
impose upon other people - impõe sobre outras pessoas
again - novamente
which precedes both the accumulation of stock - o qual precede tanto a acumulação de estoque quanto
hour's labour - hora de trabalho.
That this is really the foundation of the exchangeable value of all things, excepting those which cannot be increased by human industry, is a doctrine of the utmost importance in political economy; for from no source do so many errors, and so much difference of opinion in that science proceed, as from the vague ideas which are attached to the word value.
really - realmente
all things - todas as coisas
cannot be - não pode ser
utmost - máxima
errors - erros
proceed - procede
If the quantity of labour realized in commodities, regulate their exchangeable value, every increase of the quantity of labour must augment the value of that commodity on which it is exercised, as every diminution must lower it.
realized - percebido, imbutido
must - deve
augment - aumentar
exercised - exercido
as - como
lower it - baixá-lo, diminui-lo
fonte foto: http://www.newscomex.com.br/
* Primeiro capítulo - sobre o valor - obra Princípios de Economia política de David Ricardo. Em pdf. Fonte: batoche books, kitchener, 2001.