Social Value: A Study in Economic Theory, Critical and Constructive — John Shaqi
Social Value: A Study in Economic Theory, Critical and ConstructiveAnderson, Benjamin M. (Benjamin McAlester)
General
Social Value: A Study in Economic Theory, Critical and Constructive
Anderson, Benjamin M. (Benjamin McAlester)
Value
The burden of labor entailed on the man who makes an
article stands in no relation to its market value. The
product of one hour's labor of an eminent lawyer, an
artist, a business manager, etc., may sell for as much
as that of a month's work of an engine stoker, a
seamstress or a stonebreaker. Here and there are
"prisoners of poverty," putting life itself into
products of which a wagon load can literally be bought
for a prima donna's song. Wherever there is varying
personal power, or different position, giving to some
the advantage of a monopoly, there is a divergence of
cost and value, if by these terms we mean the cost to
the producer, and the value in the market. Compare the
labor involved in maintaining telephones with the rates
demanded for the use of them. Yet of monopolized
products as of others our rule holds good; they sell
according to the disutility of the terminal social
labor expended in order to acquire them.
But suppose they are _bought_ with monopolized products, and suppose that a
monopoly element enters, at some stage or other, into _every_ product of
the market, and in varying degrees in each, either in the form of control
of raw material, or special native mental or physical aptitude, or patent
right, or any other of the innumerable forms that monopoly takes? Can these
monopoly products then call forth a definite amount of social labor? Or can
they merely call out a definite amount of value?[85] "_Differences in
wealth between different producers cause the cost of products to vary from
their value._" (Italics mine.) But surely this is our old circle again. If
differences in wealth, which is the embodiment of value, are to modify the
working of the "pervasive element" of "personal sacrifice" (p. 263), it is
difficult to see how that pervasive element can in any way be an ultimate
explanation or measure of value.
The rich worker stops producing early, while the
sacrifice entailed is still small; but his product
sells as well as if it were costly.
If we say that the prices of things correspond with the
amount and _efficiency_ of the labor that creates them,
we say what is equivalent to the above proposition. The
efficiency that figures in the case is power and
willingness to produce a certain effect. The
willingness is as essential as the power.... Moreover,
the effect that gauges the efficiency of a worker is
the value of what he creates; and this value is
measured by the formula that we have attained.
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