Frédéric Bastiat：Economic Sophisms, Excerpt 259

We have seen that all value represents labour. Now, it is quite true that manufacturing labour increases tenfold, sometimes a hundredfold, the value of the raw material; that is to say, it yields ten times, a hundred times, more profit to the nation. Hence men are led to reason thus: The production of a hundredweight of iron brings in a gain of only fifteen shillings to workmen of all classes. The conversion of this hundredweight of iron into the mainsprings of watches raises their earnings to £500; and will any one venture to say that a nation has not a greater interest to secure for its labour a gain of five hundred pounds than a gain of fifteen shillings? We do not exchange a hundredweight of unwrought iron for a hundredweight of watch-springs, nor a hundredweight of unwashed wool for a hundredweight of cashmere shawls; but we exchange a certain value of one of these materials for an equal value of another. Now, to exchange equal value for equal value is to exchange equal labour for equal labour. It is not true, then, that a nation which sells five pounds' worth of wrought fabrics or watch-springs, gains more than a nation which sells five pounds' worth of wool or iron.

Source： https://www.gutenberg.org/ebooks/44145
Locator：Excerpt 259 · Verified：2026-10-19 · Verification：Short excerpt

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