It is a fiction by the same title as the PRODUCTIVITY OF CAPITAL. Labor produces, capital has value: and when, by a sort of ellipsis, we say the value of labor, we make an enjambement which is not at all contrary to the rules of language, but which theorists ought to guard against mistaking for a reality. Labor, like liberty, love, ambition, genius, is a thing vague and indeterminate in its nature, but qualitatively defined by its object,--that is, it becomes a reality through its product. When, therefore, we say: This man's labor is worth five francs per day, it is as if we should say: The daily product of this man's labor is worth five francs. Now, the effect of labor is continually to eliminate scarcity and opinion as constitutive elements of value, and, by necessary consequence, to transform natural or indefinite utilities (appropriated or not) into measurable or social utilities: whence it follows that labor is at once a war declared upon the parsimony of Nature and a permanent conspiracy against property. According to this analysis, value, considered from the point of view of the association which producers, by division of labor and by exchange, naturally form among themselves, is the PROPORTIONAL RELATION OF THE PRODUCTS WHICH CONSTITUTE WEALTH, and what we call the value of any special product is a formula which expresses, in terms of money, the proportion of this product to the general wealth.--Utility is the basis of value; labor fixes the relation; the price is the expression which, barring the fluctuations that we shall have to consider, indicates this relation. Such is the centre around which useful and exchangeable value oscillate, the point where they are finally swallowed up and disappear: such is the absolute, unchangeable law which regulates economic disturbances and the freaks of industry and commerce, and governs progress. Every effort of thinking and laboring humanity, every individual and social speculation, as an integrant part of collective wealth, obeys this law. It was the destiny of political economy, by successively positing all its contradictory terms, to make this law known; the object of social economy, which I ask permission for a moment to distinguish from political economy, although at bottom there is no difference between them, will be to spread and apply it universally. The theory of the measure or proportionality of values is, let it be noticed, the theory of equality itself. Indeed, just as in society, where we have seen that there is a complete identity between producer and consumer, the revenue paid to an idler is like value cast into the flames of Etna, so the laborer who receives excessive wages is like a gleaner to whom should be given a loaf of bread for gathering a stalk of grain: and all that the economists have qualified as UNPRODUCTIVE CONSUMPTION is in reality simply a violation of the law of proportionality.