What exclusively determines the magnitude of the value of a… - Karl Marx

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What exclusively determines the magnitude of the value of any article is therefore the amount of labour socially necessary, or the labour-time socially necessary for its production.

Karl Marx

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value capital abstract-labor labor-time commodity

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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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Friedrich Engels Pyotr Kropotkin Vladimir Lenin Ludwig von Mises Peter Kropotkin

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For capitalism is abolished root and branch by the bare assumption that it is personal consumption and not enrichment that works as the compelling motive.

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The theory of Communism may be summed up in the single sentence: Abolition of private property.

What exclusively determines the magnitude of the value of any article is therefore the amount of labour socially necessary, or the labour-time social… - Karl Marx

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