Capital & Class. - 1981. - Issue 13 by Conference of Socialist Economists

By Conference of Socialist Economists

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To produce a use-value under the normal social conditions of production and with the socially average degree of skill and intensity 38 CAPITAL AND CLASS of labour prevalent at the time' (CI : 47 : modified ; KI : 53) . The magnitude of value, therefore, in Marx's more exact formulation, finds its measure in units of `socially necessary' labour time and not in the practical exchange against money . The term `socially necessary labour time' is introduced here by Marx for the first time in a way that leaves its connection to abstract labour and exchange-relations entirely unexplained .

A greater outlay M2 than K1's outlay M1 . e . e . P2 _ s 2 ~ s l = P M2 i M 2 M2 M l Further consideration of this contradiction between the rate of profit and the mass of surplus-value is reserved for a later paper . Conclusion With the treatment of relative surplus-value production and its related phenomena, the analysis of the immediate process oft capitalist production comes to an end . The sixth (Wages) and) seventh (The Accumulation Process of Capital) Parts of Capital,, Volume I do not correspond to immediately following parts of ai value-form analytic presentation .

Even though it is quite unambiguous that Marx regards (socially necessary) labour time (and intensity) as the measure of magnitude of value, he gives formulations which express that the measure of magnitude of value lies in money . These formulations are symptoms of the contradiction hidden in Marx's presentation between the value-form and the form-less determination of magnitude of value . In the following passage Marx expresses something which does not conform to his own determination of magnitude of value but which, nevertheless, makes the connection between magnitude of value and value-form which we have pursued : `Thus it was only the analysis of the prices of commodities which led to the determination of the magnitude of value, it was only the collective (gemeinschaftliche) money expression of commodities which led to the fixation of their value character' (CI : 49 : modified ; KI : 90) .

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