A Contribution to the Critique of Political EconomyMarx, Karl
Philosophy
A Contribution to the Critique of Political Economy
Marx, Karl
Economics; Marxian economics
If the exchange value of one yard of linen is expressed in 1/2 lb. of
tea, or 2 lbs. of coffee, or 6 yards of calico, or 8 lbs. of bread,
etc., it follows that coffee, tea, calico, bread, etc., are equal to
each other if taken in the same proportion in which they are equal to
the third article, linen; consequently, linen serves as the common
measure of their exchange values. Every commodity, as the embodiment
of universal labor-time, i. e., as a certain quantity of universal
labor-time, expresses in turn its exchange value in definite quantities
of the use-values of all other commodities, and the exchange values
of all the other commodities are, on the other hand, measured by the
use-value of this one exclusive commodity. But as an exchange value,
every commodity is at the same time the one exclusive commodity
that serves as a common measure of the exchange values of all other
commodities; and, on the other hand, it is but one of the many
commodities in the entire series of which every commodity expresses
directly its exchange value.
The value of a commodity is not affected by the number of commodities
of other kinds. But the length of the series of equations in which
its exchange value is realized does depend upon the greater or less
variety of other commodities. The series of equations in which the
value of coffee, e. g., is represented, indicates the extent to which
it is exchangeable, the limits within which it performs the function of
an exchange value. The exchange value of a commodity as an embodiment
of universal social labor-time is expressed in its equivalence to an
endless variety of use-values.
We have seen that the exchange value of a commodity varies with the
quantity of labor-time directly contained in it. Its realized exchange
value, i. e., its exchange value expressed in the use-values of other
commodities, must also depend on the proportion in which the labor-time
spent on the production of all other commodities is changing. If, e.
g., the labor-time required for the production of a bushel of wheat
remained constant, while that required for the production of all other
commodities doubled, the exchange value of a bushel of wheat expressed
in its equivalents would become half as large as before. The result
would be practically the same as if the amount of time necessary for
the production of one bushel of wheat had been reduced by one-half,
and that required for all other commodities had remained unchanged.
The value of commodities is determined by the proportion in which they
can be produced in the same labor-time. In order to see what possible
changes this proportion may undergo, let us take two commodities, A and
B.
_First case._ Let the labor-time required for the production of
commodity B remain unchanged. In that case the exchange value of A,
expressed in terms of B, rises and falls with the rise and fall of the
labor-time required for the production of A.
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