Rudolf Hiferding
Rudolf Hiferding
acquire american-author capital commercial creates enhanced expansion market regular
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.
american-author data definite law marxist merely modified third thus value
We thus see that the Marxist law of value is not canceled by the data of the third volume, but is merely modified in a definite way.
american-author commodity exchange fact itself
Value manifests itself as exchange value, as a quantitatively determined relationship, in virtue of the fact that one commodity can be exchanged for another.
american-author capitalist necessary peculiar phenomenon prices resulting
Value is consequently the necessary theoretical starting point whence we can elucidate the peculiar phenomenon of prices resulting from capitalist competition.
american-author becomes branches capital capitalist competition equal investment point rate starting
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.
actual american-author object relations
The object of the law of value is to elucidate the actual exchange relations of commodities.
aggregate american-author false far force marx solely therefore utterly
It is therefore utterly false to say that Marx revokes the law of value as far as individual commodities are concerned, and maintains it in force solely for the aggregate of these commodities.
american-author amount cloth coat contained depends forty matter necessary objective socially time twenty yards
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.
american-author based capitalist conditions differ production social society
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.
american-author among production reduced surplus
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.