Marx’s Theory of Value in Chapter 1 of Capital by Fred Moseley

Author:Fred Moseley
Language: eng
Format: epub
ISBN: 9783031132100
Publisher: Springer International Publishing

The exchange, or sale, of commodities at their value is the rational, natural law of the equilibrium between them; this is the basis on which divergencies are to be explained. (Marx, 1981, p. 288)

The real inner laws of capitalist production clearly cannot be explained in terms of the interaction of supply and demand … since these laws are realized in their pure form only when demand and supply cease to operate, i.e. when they coincide. In actual fact, supply and demand never coincide, or, if they do so, it is only by chance and not to be taken into consideration for scientific purposes; it should be considered as not having happened. Why then does political economy assume that they do coincide? In order to treat the phenomena it deals with in their law-like form, the form that corresponds to the concept, i.e. to consider them independently of the appearance produced by the movement of demand and supply… (Marx, 1981, p. 291)

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