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The issuer of a check, on the other hand, offers only a promise in the form of an order to pay a certain amount of money owed to the recipient. The same mechanism is entailed when a traveler’s check is 30 On the definition of money issued. ” Furthermore, the private sector has the ability to change the volume of such credit instruments, as people extend credit on a shortor longterm basis, whereas the quantity of classical money is not liable to such private sector variation of its quantity Thus, it matters for sound macroeconomic analysis whether or not both credit and noncredit (cash) instruments of exchange are included in the definition of money.

Smith WN, 1:191) Such explanation notwithstanding, several commentators have attributed to Adam Smith a labor theory of value, which claims that it is only the quantity of labor employed in producing a commodity that determines its market price, and utility or demand plays no role. Such a mistaken interpretation of Smith’s theory of 12 The classical theory of value value appears to have arisen from two principal sources. One is Smith’s description of the exchange values of beaver and deer “among a nation of hunters” in “the rude state of society which precedes both the accumulation of stock and the appropriation of land,” and where “the proportion between the quantity of labour necessary for acquiring different objects seems to be the only circumstance which can afford any rule of exchanging them for one another” (WN, 1:53; emphasis added).

The adjustment of the quantities demanded and supplied in Mill’s analysis very much mirrors that of modern price theory: Whether the demand and supply are equalized by an increased demand, the result of cheapness, or by withdrawing a part of the supply, equalized they are in either case… …the proper mathematical analogy is that of an equation. Demand and supply, the quantity demanded and the quantity supplied, will be made equal. If unequal at any moment, competition equalizes them, and the manner in which this is done is by an adjustment of the value.

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