[Marxism] The Value of Commodities

Angelus Novus fuerdenkommunismus at yahoo.com
Wed Aug 29 12:28:20 MDT 2012

Daniel Rocha wrote:

> the price of gold is speculative, and it varies, but its value is not, and relies in the labor applied to it, as just in relation to any commodity.

This is terribly, egregiously wrong, at least from a Marxian perspective.

Marx's value theory is not a "congealed labor" theory of value.  For Marx, socially necessary labor time is always in a state of flux:

without the leave, and behind the back, of our weaver, the old-fashioned
mode of weaving undergoes a change. The labour-time that yesterday was
without doubt socially necessary to the production of a yard of linen,
ceases to be so to-day, a fact which the owner of the money is only too
eager to prove from the prices quoted by our friend’s competitors. Unluckily
for him, weavers are not few and far between. Lastly, suppose that every
piece of linen in the market contains no more labour-time than is socially
necessary. In spite of this, all these pieces taken as a whole, may have
had superfluous labour-time spent upon them. If the market cannot stomach
the whole quantity at the normal price of 2 shillings a yard, this proves
that too great a portion of the total labour of the community has been
expended in the form of weaving. The effect is the same as if each individual
weaver had expended more labour-time upon his particular product than is
socially necessary."


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