Value Manifests Itself As Exchange Value, As A Quantitatively Determined Relationship, In Virtue Of The Fact That One Commodity Can Be Exchanged For Another. - SearchQuotes

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Value manifests itself as exchange value, as a quantitatively determined relationship, in virtue of the fact that one commodity can be exchanged for another.

Rudolf Hiferding

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Value is consequently the necessary theoretical starting point whence we can elucidate the peculiar phenomenon of prices resulting from capitalist competition.

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The object of the law of value is to elucidate the actual exchange relations of commodities.

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The expansion of the market creates a need for enhanced and more regular supply, and this in turn impels commercial capital to acquire control of production as well.

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Since, however, the reduced surplus value is to be distributed among them in like manner, the modification of their respective parts in the production of surplus value must find expression in a modification of the prices.

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It is obvious, moreover, that the formation of price in capitalist society must differ from the formation of price in social conditions based upon the simple production of commodities.

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But whether, for example, a coat can be exchanged for twenty yards of linen cloth or for forty yards is not a matter of chance, but depends upon objective conditions, upon the amount of socially necessary labor time contained in the coat and in the linen respectively.

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As soon, however, as capitalist competition has definitively established the equal rate of profit, that rate becomes the starting point for the calculations of the capitalists in the investment of capital in newly-created branches of production.

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