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X
. And what quantity of labor will be necessary to produce these ninety-six quarters?

Phil
. Each man producing fifteen, it will require six men’s labor, and four tenths of another man’s labor.

X
. Very well; 6.4 of the eight are employed in producing the wages of the whole eight. Now tell me, Philebus, what more than their own wages do the whole eight produce?

Phil
. Why, as they produce in all one hundred and twenty quarters, and their own deduction is ninety-six, it is clear that they produce twenty-four quarters besides their own wages.

X
. And to whom do these twenty-four quarters go?

Phil
. To their employer, for his profit.

X
. Yes; and it answers the condition expressed in column four; for a profit of twenty-four quarters on ninety-six is exactly twenty- five per cent. But to go on–you have acknowledged that the ninety-six quarters for wages would be produced by the labor of 6.4 men. Now, how much labor will be required to produce the remaining twenty-four quarters for profits?

Phil
. Because fifteen quarters require the labor of one man (by column one), twenty-four will require the labor of 1.6.

X
. Right; and thus, Philebus, you have acknowledged all I wish. The object of Mr. Malthus is to ascertain the cost in labor of producing ten men’s wages (or one hundred and twenty quarters) under the conditions of this case Alpha. The cost resolves itself, even on Mr. Malthus’ principles, into so much wages to the laborers, and so much profit to their employer. Now, you or I will undertake to furnish Mr. Malthus the one hundred and twenty quarters, not (as he says) at a cost of ten men’s labor (for at that cost we could produce him one hundred and fifty quarters by column one), but at a cost of eight. For six men and four tenths will produce the whole wages of the eight producers; and one man and six tenths will produce our profit of twenty-five per cent.

Phed
. The mistake, then, of Mr. Malthus, if I understand it, is egregious. In column five he estimates the labor necessary to produce the entire one hundred and twenty quarters–which, he says, is the labor of eight men; and so it is, if he means by labor what produces both wages and profits; otherwise, not. Of necessity, therefore, he has assigned the value both of wages and profits in column five. Yet in column six he gravely proceeds to estimate profits a second time.

X
. Yes; and, what is still worse, in estimating these profits a second time over, he estimates them on the whole one hundred and twenty; that is, he allows for a second profit of thirty quarters; else it could not cost two men’s labor (as by his valuation it does); for each man in the case Alpha produces fifteen quarters. Now, thirty quarters added to one hundred and twenty, are one hundred and fifty. But this is the product of ten men, and not the wages of ten men; which is the amount offered for valuation in column three, and which is all that column seven professes to have valued.

SECTION III.

Phed
. I am satisfied, X. But Philebus seems perplexed. Make all clear, therefore, by demonstrating the same result in some other way. With your adroitness, it can cost you no trouble to treat us with a little display of dialectical skirmishing. Show us a specimen of manoeuvring; enfilade him; take him in front and rear; and do it rapidly, and with a light-horseman’s elegance.

X
. If you wish for variations, it is easy to give them. In the first argument, what I depended on was this–that the valuation was inaccurate. Now, then, secondly, suppose the valuation to be accurate, in this case we must still disallow it to Mr. Malthus; for, in columns five and six, he values by the quantity of producing labor; but that is the Ricardian principle of valuation, which is the very principle that he writes to overthrow.