6
of a commodity, was really under all circumstances adding an amount of value, corresponding to the amount of labor expended. If we then follow economists, as Ricardo in saying plainly, that the value of a commodity is determined by labor necessary for its production, we are constantly bearing in mind the reservations made by Marx. So much then here for purposes of explanation: For further particulars I refer the reader either to Marx’ “Critique of Political Economy” (1859), or to the first volume of his “Capital.”
But no sooner did the economists apply the new conception of value, as determined by labor, to the commodity “labor” itself, than they began to fall from one contradiction into another. How is the value of “labor” determined? Answer: By the necessary “labor” embodied in it. But how much labor is there in the labor of a workingman during a period of one day, week, month or year? Of course, one day’s, one week’s, one month’s, one year’s labor. For, if labor is the measure of all values, we can express the “value of labor” but in terms of labor. Needless to say, that we know absolutely nothing about the value of one hour’s labor, if we know only that it equals one hour’s labor. We have not come a hair’s breath nearer the solution of the problem, we are merely turning hopelessly in a vicious circle.
Classical Political Economy thus had to attempt another method to solve the problem. It asserted the value of a commodity equals its cost of production. Now then, what is the cost of production of labor? In order to answer this question economists had to strain logic quite a little. Instead of seeking the cost of production of labor itself (which, as a matter of fact, can never be found) they investigate what is the cost of production of the laborer, and this can be found, sure enough. This cost varies according to time and circumstances, but given a certain condition of society, a certain locality, a certain branch of production, this cost is also given, at least within pretty narrow limits. We live at present under the rule of capitalist production, under which a large and steadily increasing class of the population
