It does not mean that if a quick, efficient workman, with good tools, takes a day to make a coat, while another workman, who is slow, clumsy and inefficient, and has only poor tools, takes six days to make a table that the table will be worth six coats upon the market. That would be a foolish proposition, Jonathan. It would mean that if one workman made a coat in one day, while another workman took two days to make exactly the same kind of coat, that the one made by the slow, inefficient workman would bring twice as much as the other, even though they were so much alike that they could not be distinguished one from the other. Only an ignoramus could believe that. No Socialist writer ever made such a foolish claim, yet all the attacks upon the economic principles of Socialism are based upon that idea! Now that I have told you what it does _not_ mean, let me try to make plain just what it _does_ mean. I shall use a very simple illustration which you can readily apply to the whole of industry for yourself. If it ordinarily takes a day to make a coat, if that is the average time taken, and it also takes on an average a day to make a table, then, also on an average, one coat will be worth just as much as one table. But I must explain that it is not possible to bring the production of coats and tables down to the simple measurement. When the tailor takes the piece of cloth to cut out the coat, he has in that material something that already embodies human labor. Somebody had to weave that cloth upon a loom. Before that somebody had to make the loom. And before that loom could make cloth somebody had to raise sheep and shear them to get the wool. And before the carpenter could make the table, somebody had to go into the forest and fell a tree, after which somebody had to bring that tree, cut up into planks or logs, to the carpenter. And before he could use the lumber somebody had to make the tools with which he worked. I think you will understand now why I placed emphasis on the words "socially necessary." It is not possible for the individual buyer to ascertain just how much social labor is contained in a coat or a table, but their values are fixed by the competition and higgling which is the law of capitalism. "It jest works out so," as an old negro preacher said to me once. I have said that competition is the law of capitalism. All political economists recognize that as true. But we have, as I have explained in a former letter, come to a point where capitalism has broken away from competition in many industries. We have a state of affairs under which the economic laws of competitive society do not apply. Monopoly prices have always been regarded as exceptions to economic law.