“ Either accumulated labour creates value the same as living labour. In that case the law of value does not apply. ”
Karl Marx, Das Kapital (1894). copy citation
| Author | Karl Marx |
|---|---|
| Source | Das Kapital |
| Topic | value law |
| Date | 1894 |
| Language | English |
| Reference | |
| Note | |
| Weblink | https://www.marxists.org/archive/marx/works/download/pdf/Capital-Volume-... |
Context
“But if Schmidt utilises this conception as a means of reconciling prices based on the average rate of profit with the law of value, he repudiates the law of value itself by attributing to it as one of its co-determinative factors a conception with which the law is wholly at variance.
Either accumulated labour creates value the same as living labour. In that case the law of value does not apply. Or, it does not create value. In that case Schmidt’s demonstration is incompatible with the law of value.
Schmidt strayed into this bypath when quite close to the solution, because he believed that he needed nothing short of a mathematical formula to demonstrate the conformance of the average price of every individual commodity with the law of value.” source
Either accumulated labour creates value the same as living labour. In that case the law of value does not apply. Or, it does not create value. In that case Schmidt’s demonstration is incompatible with the law of value.
Schmidt strayed into this bypath when quite close to the solution, because he believed that he needed nothing short of a mathematical formula to demonstrate the conformance of the average price of every individual commodity with the law of value.” source
