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" "Under simple commodity production, to which we have so far largely confined our attention, each producer owns and works with his own means of production; under capitalism ownership of the means of production is vested in one set of individuals while the work is performed by another. Both means of production and labor power, moreover, are commodities; that is to say, both are objects of exchange and hence bearers of exchange value. It follows that not only the relations among owners but also the relations between owners and non-owners have the character of exchange relations. The former is characteristic of commodity production in general, the latter of capitalism only.
Paul Marlor Sweezy (April 10, 1910 – February 27, 2004) was an American Marxian economist, political activist, publisher, and founding editor of the long-running magazine .
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Supply and demand will be in equilibrium only when the price of every commodity is proportional to the labor time required to produce it. Conversely prices proportional to labor times will be established only if the forces of competitive supply and demand are allowed to work themselves out freely. The competitive supply-and-demand theory of price determination is hence not only not inconsistent with the labor theory; rather it forms an integral, if sometimes unrecognized, part of the labor theory.