How Do We Interpret "Value Is the Relations of Production Cost and Utility"?

Wang Weizhong and Hong Dalin

Chinese Economy, 1984, vol. 18, issue 2, 73-87

Abstract: In 1844, Engels wrote the following in "An Outline of the Critique of Political Economy": "Value is the relations of production cost and utility. Value is used, first of all, to determine whether or not certain commodities ought to be produced; that is, whether or not the utility of such commodities covers their production costs. Only when this question has been answered can we speak of use value as a standard measurement for exchange. If the production costs of two commodities are equal, then their respective utilities would be the decisive factor in determining their relative value." He went on to say: "This is the solely correct basis for exchange ... and when private ownership is abolished, we will not have to talk about exchange as we do today. At that time the concept of value will in practice become more and more exclusively used on production problems. Indeed, that is what it should be."

Date: 1984
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