- On Value of commodities,
“What is the common social substance of all commodities? It is labour. To produce a commodity a certain amount of labour must be bestowed upon it. And I say not only labour, but social labour. A man who produces an article for his own immediate use, to consume himself, creates a product but not a commodity. As a self-sustaining producer he has nothing to do with society. But to produce a commodity, a man must not only produce an article satisfying some social want, but his labour itself must form part and parcel of the total sum of labour expended by society…If we consider commodities as values, we consider them exclusively under the single aspect of realized, fixed, or,if you like, crystallized social labour. In this respect they can differ only by representing greater or smaller quantities of labour…But how does one measure quantities of labour? By the time the labour lasts, in measuring labour by the hour, the day etc… We arrive, therefore, at thisconclusion. A commodity has a value, because it is a crystallization of social labour…The relative values of commodities are, therefore, determined by the respective quantities or amounts of labour, worked up, realised, fixed in them.” (Value, Price and Labour, pp31/32). This obviously is part of The Labour Theory of Value from which comes so much of our interpretation of capitalist production.