commodities, whenever they are exchanged, is their value. The progress of our investigation will showthat exchange-value is the only form in which the value of commodities can manifest itself or beexpressed. For the present, however, we have to consider the nature of value independently of this, itsA use-value, or useful article, therefore, has value only because human labour in the abstract has beenembodied or materialised in it.

How, then, is the magnitude of this value to be measured? Plainly, by theantity of the value-creating substance, the labour, contained in the article. The quantity of labourhowever, is measured by its duration, and labour-time in its turn finds its standard in weeks, days, andhoursSome people might think that if the value of a commodity is determined by the quantity of labour spenton it, the more idle and unskilful the labourer the more valuable would his commodity be, because moreme would be required in its production. The labour, however, that forms the substance of value, ishomogeneous human labour, expenditure of one uniform labour-power. The total labour-power ofsociety, which is embodied in the sum total of the values of all commodities produced by that societycounts here as one homogeneous mass of human labour-power, composed though it be of innumerabledividual units. Each of these units is the same as any other, so far as it has the character of the averagelabour-power of society, and takes effect as such; that is, so far as it requires for producing a commoditymore time than is needed on an average, no more than is socially necessary. The labour-time sociallynecessary is that required to produce an article under the normal conditions of production, and with theaverage degree of skill and intensity prevalent at the time. The introduction of power-looms into Englandprobably reduced by one-half the labour required to weave a given quantity of yarn into cloth. Thhand-loom weavers, as a matter of fact, continued to require the same time as before; but for all that, theproduct of one hour of their labour represented after the change only half an hours social labour, andconsequently fell to one-half its former valueWe see then that that which determines the magnitude of the value of any article is the amount of laboursocially necessary, or the labour-time socially necessary for its production. [9 Each individualcommodity, in this connexion, is to be considered as an average sample of its class. [101 Commoditiestherefore, in which equal quantities of labour are embodied, or which can be produced in the same timehave the same value. The value of one commodity is to the value of any other as the labour-timenecessary for the production of the one is to that necessary for the production of the other. As values, allcommodities are only definite masses of congealed labour-time. " [11]The value of a commodity would therefore remain constant, if the labour-time required for its productionalso remained constant. But the latter changes with every variation in the productiveness of labour. Thisproductiveness is determined by various circumstances, amongst others, by the average amount of skillof the workmen, the state of science, and the degree of its practical application, the social organisation ofproduction, the extent and capabilities of the means of production, and by physical conditions. Forample, the same amount of labour in favourable seasons is embodied in 8 bushels of corn, and inunfavourable, only in four. The same labour extracts from rich mines more metal than from poor mines.Diamonds are of very rare occurrence on the earth's surface, and hence their discovery costs, on anaverage, a great deal of labour-time. Consequently much labour is represented in a small compass. Jacobdoubts whether gold has ever been paid for at its full value. This applies still more to diamondsAccording to Eschwege, the total produce of the Brazilian diamond mines for the eighty years, ending in1823, had not realised the price of one and-a-half years average produce of the sugar and coffee

plantations of the same country, although the diamonds cost much more labour, and therefore representemore value. With richer mines, the same quantity of labour would embody itself in more diamonds, andtheir value would fall. If we could succeed at a small expenditure of labour, in converting carbon intodiamonds, their value might fall below that of bricks. In general, the greater the productiveness of labour,the less is the labour-time required for the production of an article, the less is the amount of labourcrystallised in that article, and the less is its value, and vice versa, the less the productiveness of labourthe greater is the labour-time required for the production of an article, and the greater is its value. Thevalue of a commodity, therefore, varies directly as the quantity, and inversely as the productiveness, ofthe labour incorporated in it.A thing can be a use-value, without having value. This is the case whenever its utility to man is not dueto labour. Such are air, virgin soil, natural meadows, &c. A thing can be useful, and the product ofhuman labour, without being a commodity, Whoever directly satisfies his wants with the produce of hisown labour, creates, indeed, use-values, but not commodities. In order to produce the latter, he must notonly produce use-values, but use-values for others, social use-values. (And not only for others, withoutnore. The mediaeval peasant produced quit-rent-corn for his feudal lord and tithe-corn for his parson.But neither the quit-rent-corn nor the tithe-corn became commodities by reason of the fact that they hadbeen produced for others. To become a commodity a product must be transferred to another, whom itwill serve as a use-value, by means of an exchange. )[12] Lastly nothing can have value, without beingan object of utility. If the thing is useless, so is the labour contained in it; the labour does not count aabour, and therefore creates no value