Marx has no sooner reduced value to the single uniform element of time
of labour, and excluded from its constitution all considerations of
utility and the state of the market, than he reintroduces those
considerations under a disguised form. In the first place, if a day's
labour of given length always produces the same value, it is obvious to
ask whether then an indolent and unskilful tailor who takes a week to
make a coat has produced as much value as the more expert hand who turns
out six in this time, or, with the help of a machine, perhaps twenty?
Marx answers, Certainly not, for the time of labour which determines
value is not the time actually taken, but the time required in existing
social conditions to produce that particular kind of commodity--the time
taken by labour of average efficiency, using the means which the age
affords--in short, what he calls the socially necessary time of labour.
Value is an immanent relation to socially necessary time of labour.
Marx's standard is thus, after all, not one of quantity of labour pure
and simple; it takes into account, besides, the average productive power
of labour in different branches of industry. "The value of a commodity,"
says he, "changes directly as the quantity, and inversely as the
productive power, of the labour which realizes itself in that
commodity." Before we know the value of a commodity we must therefore
know not only the quantity of labour that has gone into it, but the
productive power of that labour. We gather the quantity from the
duration of exertion, but how is average productive power to be
ascertained? By simply ascertaining the total product of all the labour
engaged in a particular trade, and then striking the average for each
labourer. Diamonds occur rarely in the crust of the earth, and therefore
many seekers spend days and weeks without finding one. Hits and misses
must be taken together; the productive power of the diamond seeker is
low; or, in other words, the time of labour socially necessary to
procure a diamond is high, and its value corresponds. In a good year the
same labour will produce twice as much wheat as in a bad; its productive
power is greater; the time socially necessary to produce wheat is less,
and the price of the bushel falls. The value of a commodity is therefore
influenced by its comparative abundance, whether that be due to nature,
or to machinery, or to personal skill.
Public-domain text, read in full here on John Shaqi.
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