What, then, is value in exchange? It is the ratio in which one kind of
useful commodity exchanges against another kind of useful commodity.
This ratio, says Marx, does not in the least depend on the usefulness of
the respective commodities, or their capacity of gratifying any
particular want. For, first, that is a matter of quality, whereas value
is a ratio between quantities; and second, two different kinds of
utility cannot be compared, for they have no common measure; but value,
being a ratio, implies comparison, and comparison implies a common
measure. A fiddle charms the musical taste, a loaf satisfies hunger, but
who can calculate how much musical gratification is equivalent to so
much satisfaction of hunger. The loaf and the fiddle may be compared in
value, but not by means of their several uses. Third, there are many
commodities which are useful and yet have no value in exchange: air, for
example, water, and, he adds, virgin soil. In seeking what in the
exchange the value depends on, we must therefore leave the utility of
the commodities exchanged entirely out of account; and if we do so,
there is only one other attribute they all possess in common, and it
must be on that attribute that their value rests. That attribute is that
they are all products of labour. While we looked to the utility of
commodities, they were infinite in their variety, but now they are all
reduced to one sober characteristic they are so many different
quantities of the same material, labour. Diversity vanishes; there are
no longer tables and chairs and houses, there is only this much and that
much and the next amount of preserved human labour. And this labour
itself is not discriminated. It is not joiner work, mason work, or
weaver work; it is merely human labour in the abstract, incorporated,
absorbed, congealed in exchangeable commodities. In an exchange
commodities are quantities of labour jelly, and they exchange in the
ratio of the amount of labour they have taken in.
Value, then, is quantity of abstract labour, and now what is quantity of
labour? How is it to be ascertained? Labour is the exertion or use of
man's natural powers of labour, and the quantity of labour is measured
by the duration of the exertion. Quantity of labour is thus reduced to
time of labour, and is measured by hours and days and weeks. Marx
accordingly defines value to be an immanent relation of a commodity to
time of labour, and the secret of exchange is that "a day's labour of
given length always turns out a product of the same value." Value is
thus something inherent in commodities before they are brought to
market, and is independent of the circumstances of the market.
Public-domain text, read in full here on John Shaqi.
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