The object of the law of value is to elucidate the actual exchange relations of commodities.
More Quotes from Rudolf Hiferding:
The expansion of the market creates a need for enhanced and more regular supply, and this in turn impels commercial capital to acquire control of production as well.Rudolf Hiferding
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.
Rudolf Hiferding
But whether, for example, a coat can be exchanged for twenty yards of linen cloth or for forty yards is not a matter of chance, but depends upon objective conditions, upon the amount of socially necessary labor time contained in the coat and in the linen respectively.
Rudolf Hiferding
It is obvious, moreover, that the formation of price in capitalist society must differ from the formation of price in social conditions based upon the simple production of commodities.
Rudolf Hiferding
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.
Rudolf Hiferding
Value is consequently the necessary theoretical starting point whence we can elucidate the peculiar phenomenon of prices resulting from capitalist competition.
Rudolf Hiferding
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