"A use-value, or useful article, therefore, has value only because abstract human labour is objectified or materialized in it. How, then, is the magn… - Karl Marx

"A use-value, or useful article, therefore, has value only because abstract human labour is objectified or materialized in it. How, then, is the magnitude of value to be measured? By means of the quantity of the "value-forming substance", the labour, contained in the article. This quantity is measured by its duration, and the labour-time is itself measured on the particular scale of hours, days etc."

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About Karl Marx

Karl Heinrich Marx (5 May 1818 – 14 March 1883) was a German political philosopher, economist, historian, sociologist, journalist and revolutionary socialist. Marx's work in economics laid the basis for labor theory of value, and has influenced much of subsequent economic thought. He published many works during his lifetime, including The Communist Manifesto (1848) and the first volume of Das Kapital (1867), the two later volumes being completed by his collaborator Friedrich Engels.

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Alternative Names: Karl Heinrich Marx Karl H. Marx Marx
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For as soon as the distribution of labour comes into being, each man has a particular exclusive sphere of activity, which is forced upon him and from which he cannot escape. He is a hunter, a fisherman, a shepherd, or a critical critic and must remain so if he does not wish to lose his means of livelihood; while in communist society, where nobody has one exclusive sphere of activity but each can become accomplished in any branch he wishes, society regulates the general production and thus makes it possible for me to do one thing today and another tomorrow, to hunt in the morning, to fish in the afternoon, rear cattle in the evening, criticize after dinner, just as I have in mind, without ever becoming hunter, fisherman, shepherd or critic.

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