Value manifests itself as exchange value, as a quantitatively determined relationship, in virtue of the fact that one commodity can be exchanged for another.
More Quotes from 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
The object of the law of value is to elucidate the actual exchange relations of commodities.
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
As soon, however, as capitalist competition has definitively established the equal rate of profit, that rate becomes the starting point for the calculations of the capitalists in the investment of capital in newly-created branches of production.
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
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