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Published online by Cambridge University Press: 29 August 2010
(146.) Having now considered the circumstances that modify what may be called the momentary amount of price, we must next examine a principle which seems to have an effect on its permanent average. The durability of any commodity influences its cost in a permanent manner. We have already stated, that what may be called the momentary price of any commodity depends upon the proportion existing between the supply and demand, and also upon the cost of verification. The average price, during a long period, will depend upon the labour required for producing and bringing it to market, as well as upon the average supply and demand; but it will also be influenced by the durability of the article manufactured.
Many things in common use are substantially consumed in using: a phosphorus match, articles of food, and a cigar, are examples of this description. Some things after use become inapplicable to their former purposes, as paper which has been printed upon; but it is yet available for the cheesemonger or the trunk-maker. Some articles, as pens, are quickly worn out by use; and some are still valuable after a long-continued wear. There are others, few perhaps in number, which never wear out; the harder precious stones, when well cut and polished, are of this latter class: the fashion of the gold or silver mounting in which they are set may vary with the taste of the age, and such ornaments are constantly exposed for sale as second-hand, but the gems themselves, when removed from their supports, are never so considered.
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