Diachronic vs Synchronic Labour Input: The Two-Century Old Misunderstanding

Branko Horvat
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Branko Horvat: The Institute for Advanced Studies

Chapter 5 in The Theory of International Trade, 1999, pp 39-41 from Palgrave Macmillan

Abstract: Abstract A certain amount of human labour must be invested in order that any object of nature can acquire use value and be appropriated by someone. Even picking readily available fruits requires labour. If two man-made objects are exchanged, their owners will determine the common value by estimating the labour expended. The value of reproducible objects depends exclusively on labour expended; that of nonreproducible ones on scarcity relative to demand. The former value can be measured by the labour time necessary for production; the latter is purely subjective and therefore nonmeasurable. Since most of commodities are reproducible, the objective measure of exchange value is labour-time expended. This is the common sense basis of the labour theory of value.

Date: 1999
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DOI: 10.1057/9780333983386_5

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