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SECTION II.

The table is now reduced to seven columns, and the logic of it is this: the four first columns express the conditions under which the three following ones are deduced as consequences; and they are to be read thus, taking the case Alpha by way of example: Suppose that (by column one) the land cultivated is of such a quality that ten laborers produce me one hundred and fifty quarters of corn; and that (by column two) each laborer receives for his own wages twelve quarters; in which case (by column three) the whole ten receive one hundred and twenty quarters; and thus (by column four) leave me for my profit thirty quarters out of all that they have produced; that is, twenty-five per cent. Under these conditions, I insist (says Mr. Malthus) that the wages of ten men, as stated in column three, let them be produced by little labor or much labor, shall never exceed or fall below one invariable value expressed in column seven; and, accordingly, by looking down that column, you will perceive one uniform valuation of 10. Upon this statement, it is manifest that the whole force of the logic turns upon the accuracy with which column three is valued in column seven. If that valuation be correct, then it follows that, under all changes in the quantity of labor which produces them, wages never alter in real value; in other words, the value of labor is invariable.

Phed
. But of course you deny that the valuation is correct?

X
. I do, Phaedrus; the valuation is wrong, even on Mr. Malthus’ or any other man’s principles, in every instance; the value is not truly assigned in a single case of the whole fourteen. For how does Mr. Malthus obtain this invariable value of ten? He resolves the value of the wages expressed in column three into two parts; one of which, under the name “labor,” he assigns in column five; the other, under the name “profits,” he assigns in column six; and column seven expresses the sum of these two parts; which are always kept equal to ten by always compensating each other’s excesses and defects. Hence, Phaedrus, you see that–as column seven simply expresses the sum of columns five and six–if those columns are right, column seven cannot be wrong. Consequently, it is in columns five and six that we are to look for the root of the error; which is indeed a very gross one.

Phil
. Why, now, for instance, take the case Alpha, and what is the error you detect in that?

X
. Simply, this–that in column five, instead of eight, the true value is 6.4; and in column six, instead of two, the true value is 1.6; the sum of which values is not ten, but eight; and that is the figure which should have stood in column seven.

Phil
. How so, X.? In column five Mr. Malthus undertakes to assign the quantity of labor necessary (under the conditions of the particular case) to produce the wages expressed in column three, which in this case Alpha are one hundred and twenty quarters. Now, you cannot deny that he has assigned it truly; for, when ten men produce one hundred and fifty (by column one)–that is, each man fifteen–it must require eight to produce one hundred and twenty; for one hundred and twenty is eight times fifteen. Six men and four tenths of a man, the number you would substitute, could produce only ninety-six quarters.

X
. Very true, Philebus; eight men are necessary to produce the one hundred and twenty quarters expressed in column three. And now answer me: what part of their own product will these eight producers deduct for their own wages?

Phil
. Why (by column two), each man’s wages in this case are twelve quarters; therefore the wages of the eight men will be ninety- six quarters.