Page:American Journal of Sociology Volume 5.djvu/615

 THE PHILOSOPHY OF VALUE 599

value and counter-value remains in these cases, while the simple norm, labor-power, which makes the discrepancy possible, does not on its side cease to derive its genesis as a vehicle of value from exchange.

The qualitative determination of objects, which subjectively signifies their desirability, can consequently not maintain the claim of constituting an absolute value-magnitude. It is always the relation of the desires to each other, realized in exchange, which makes their objects economic values. This determination appears more immediately in connection with the other element supposed to constitute value, namely, scarcity, or relative rarity. Exchange is, indeed, nothing else than the inter-individual attempt to improve conditions rising out of scarcity of goods ; that is, to reduce as far as possible the amount of subjective abstinence by the mode of distributing the given stock. Thereupon follows immediately a universal correlation between that which we call scarcity-value and that which we call exchange-value, a correla- tion which appears, for instance, in the relation of socialism to both. We may, perhaps, indicate the economic purposes of socialism comprehensively and abstractly in this way, namely, that it strives to abolish scarcity-value ; that is, that modification of the value of things which arises from their rarity or abun- dance; for it is abundance which reduces the value of labor. There should be less labor, in order that labor may be appraised according to the quality-value, without depression on account of the quantity. On the other hand, the means of enjoyment should lose that value which they now have on account of their restricted quantity ; that is, they should be accessible to all. Accordingly, Marx held that in the capitalistic type of society, that is, the sort of society which socialism wishes to abolish, exchange-value alone is decisive, while use-value no longer plays any role. While socialism despises exchange-value quite as much as scarcity-value, it calls attention to the radical connec- tion between the two.

For us, however, the connection is more important in the reverse direction. I have already emphasized the fact that scarcity of goods would scarcely have a valuation of them as a