Rudolf Hiferding Quotes on Value (6 Quotes)

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.

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.

The object of the law of value is to elucidate the actual exchange relations of commodities.

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.

Value is consequently the necessary theoretical starting point whence we can elucidate the peculiar phenomenon of prices resulting from capitalist competition.

Value manifests itself as exchange value, as a quantitatively determined relationship, in virtue of the fact that one commodity can be exchanged for another.