o the
society, diminishes the mass of its riches;" to which the following
answer is given: "the _sum_ of the society's riches will not fall on
that account. Two pair of stockings are produced instead of one; and two
pair at three francs, are equally valuable with one pair at six francs.
The income of the society remains the same, because the manufacturer has
gained as much on two pair at three francs, as he gained on one pair at
six francs." Thus far M. Say, though incorrect, is at least consistent.
If value be the measure of riches, the society is equally rich, because
the value of all its commodities is the same as before. But now for his
inference. "But when the income remains the same, and productions fall
in price, the society is really enriched. If the same fall took place in
all commodities at the same time, which is not absolutely impossible,
the society by procuring at half their former price, all the objects of
its consumption, without having lost any portion of its income, would
really be twice as rich as before, and could purchase twice the quantity
of goods."

In the first passage we are told, that if every thing fell to half its
value, from abundance, the society would be equally rich, because there
would be double the quantity of commodities at half their former value,
or in other words, there would be the same value. But in the last
passage we are informed, that by doubling the quantity of commodities,
although the value of each commodity should be diminished one half, and
therefore the value of all the commodities together be precisely the
same as before, yet the society would be twice as rich as before. In the
first case riches are estimated by the amount of value: in the second,
they are estimated by the abundance of commodities contributing to human
enjoyments. M. Say further says, "that a man is infinitely rich without
valuables, if he can for nothing obtain all the objects he desires;" yet
in another place we are told, "that riches consist, not in the product
itself, for it is not riches if it have not value, but in its value."
Vol. ii. p. 2.

CHAPTER XIX.

EFFECTS OF ACCUMULATION ON PROFITS AND INTEREST.

From the account which has been given of the profits of stock, it will
appear, that no accumulation of capital will permanently lower profits,
unless there be some permanent cause for the rise of wages. If the funds
for the maintenance of labour were doubled, trebled, or quadrupled,