A Contribution to the Critique of Political EconomyMarx, Karl
Philosophy
A Contribution to the Critique of Political Economy
Marx, Karl
Economics; Marxian economics
quantity of labor-time with regard to all commodities. The same
exchange values are now estimated in greater or smaller quantities
of gold than before, but they are estimated in proportion to the
magnitude of their values, and consequently retain the same proportion
to each other. The ratio 2 ÷ 4 ÷ 8 remains the same when expressed
as 1 ÷ 2 ÷ 4 or as 4 ÷ 8 ÷ 16. The change in the quantity of gold in
which exchange values are estimated with a variation in the value of
gold, interferes as little with the function of gold as a measure
of value, as the fifteen times smaller value of silver as compared
with that of gold interferes with the performance of that function
by the latter. Since labor-time is the common measure of gold and
commodities, and since gold figures as the measure of value only in so
far as all commodities are measured by it, the idea that money makes
commodities commensurable, is therefore a mere fiction of the process
of circulation.[39] It is rather the commensurability of commodities
as incorporated labor-time, that turns gold into money.
Commodities enter the process of exchange in the concrete form
of use-values. They are yet to be turned into the real universal
equivalent through their alienation. The determination of their prices
merely amounts to their ideal transformation into the universal
equivalent, a process of equation to gold which is yet to be realized.
But since commodities are, in their prices, transformed into gold only
in imagination, or are converted only into imaginary gold, and since
their money form is not differentiated as yet from their concrete
selves, it follows that gold has also been turned into money only
in imagination; it appears so far but as a measure of value, and in
fact definite quantities of gold serve merely as names for certain
quantities of labor-time. The form in which gold is crystallized in
money always depends upon the way in which commodities express their
own exchange value to each other.
Commodities now confront one another in a double capacity: actually as
use-values, ideally as exchange values. The twofold aspect of labor
contained in them is reflected in their mutual relations; the special
concrete labor being virtually present as their use-value, while
universal abstract labor-time is ideally represented in their price
in which commodities appear as commensurable embodiments of the same
value―substance differing merely in quantity.
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