The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-12-16
REVIEW OF "vALuE PRICE AND
PROFIT"
By WILLIAM EDWARDS.

PROFIT"
BY WILLIAM EDWARDS.
MARKS book, "Eaiue Price and
IVI Profit" was written in 1865 in
answer to Weston's argument that it
was useless for the workers to organ
ize for the purpose of raising their
standard of living. Weston advanced
several reasons for his argument,
among which was the assertion that
the amount of production, the cur.
rency and the real wage, were all fixed
quantities. He contended that the
real wage could not be raised because
if the workers received more money,
the capitalists would Immediately
raise the price of commodities, so
that their real wage would remain the
same. We are not so much concern
ed with Weston's arguments, especial
ly the first two, as we are with Marks
answer, which is in part an analysis
of the capitalist system Of wealth pro-
duction.
The wealth of our present-day so
ciety consisting entirely of commodi-
ties, we will begin by defining COM
modify, and showing how its value is
arrived at. A commodity is an ar.
ticle that satisfies some human want,
and is produced for the purpose OF
sale or exchange. The value of any
commodity is determined by the
amount of socially necessary labor
time required for it's production. Any
two commodities which require the
same amount of this labor time for
their production, will exchange equally
for each other, and they will each ex-
change for third commodity which
was produced by the same amount
of this labor time, as was necessary
for the production of each of the 9TH
er two. For example, hat which re-
quires five hours of socially necessary
labor time for it's production, will ex-
change equally with pair of shoes of
which require the same amount of
labor time for their productions Each
! OF these commodities will also ex-
change for a quantity of gold (the
medium of exchange) which requires
the same amount of this labor time
for its production.
1t will be seen from this illustra-
ton, that all commodities exchange
with each other in direct proportion
to the duration of this social labor
time necessary for their production.
Their rate Of exchange with gold is
their price" The price of the diff
ferent commodities is seldom the
exact equal Of their value, but fiuctu-
ates above and below value, accord
ing to the supply and demand. over
a long period of time, however, these
fluctuations balance each other. and
for all practical purposes, we may say
that commodities are sold at their
value. From this it can be seen that
nothing can permanently change the
price Of commodities except a changer
in their value; and it is equally clear.
from the definition of value. that
neither an increase in wages (the
workers share) nor an increase in
profits, 1.-THE capitalists shared can
have any effect upon their value. Their
value can only be changed by changes
in the methods of production which
change the amount of socially neces-
sary labor time required for their pro-
duction. This clearly shows the fal.
lacy Of Weston's assertion that an in
crease in wages would cause a CORE
spending increase in the price of COM
modities.
The actual result of raise in wag-
es for the working class would be to
decrease the profits of the capitalists.
This can be proven in the following
manner: The capitalist class, owning
the machinery of production, the work
ing class must sell its labor power to
the capitalists. Thus human labor
power becomes a commodity, bought
and sold on the market like any other
commodity. Being commodity, its
value is determined by the amount of
socially necessary labor time required
for its production, and expressed in
the amount of other commodities nee
essary to keep the worker in work
ing condition and to raise family to
work when he is gone. The modern
labor-saving machinery enables the
workers to produce the value Of these
commodities in very few hours each
day; in other words, they produce
he value of their labor power. or
wages, in the first few hours that they
work each day. But they do not stop
then, for the capitalist has bought
their labor power for the day, so
they keep on working, producing a
surplus over and above their wages,
the value Of their labor power, which
Is only limited by the physical en-
durance Of the workers. Marx calls
this surplus value"
And here Marx brings in another
mint ~ tho xvnrIroro a. thafx .t~,.r.