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 not only to consume the wool productively, and put into it new value, but to preserve in the form of yarn, &c., its old value. At the same time, it caused and stimulated increased reproduction of wool. It is the natural property of living labour, to transmit old value, whilst it creates new. Hence, with the increase in efficacy, extent and value of its means of production, consequently with the accumulation that accompanies the development of its productive power, labour keeps up and eternises an always increasing capital-value in a form ever new. Classic economy has, on account of a deficient analysis of the labour-process, and of the process of creating value, never properly grasped this weighty element of reproduction, as may be seen in Ricardo; he says, e.g., whatever the change in productive power, "a million men always produce in manufactures the same value." This is accurate, if the extension and degree of intensity of their labour are given. But it does not prevent (this Ricardo overlooks in certain conclusions he draws) a million men with different powers of productivity in their labour, turning into products very different masses of the means of production, and therefore preserving in their products very different masses of value; in consequence of which the values of the products yielded may vary considerably. Ricardo has, it may be noted in passing, tried in vain to make clear to J. B. Say, by that very example, the difference between use-value (which he here calls wealth or material riches) and exchange-value. Say answers: "Quant à la difficulté qu'élève Mr. Ricardo en disant que, par des procédés mieux entendus, un million de personnes peuvent prodnire deux fois, trois fois autant de richesses, sans produire plus de valeurs, cette difficulté n'est pas une lorsque l'on considére, ainsi qu'on le doit, la production comme un échange dans lequel on donne les services productifs de son travail, de sa terre, et de ses capitaux, pour ohtenir des produits. C'est par le moyen de ces services produnctifs, que noua acquérons tous les produits qui sont au monde. Or nous sommes d'autant plus riches nos services productifs ont d'autant plus de valeur qu'ils obtiennent dans l'échange appelé production une plus grande quantité de choses utiles." (J. B. Say; "Lettres à M. Malthus, Paris, 1820," pp. 168, 169.) The "difficulté"—it exists for him, not for Ricardo—that Say means to clear up is this: Why does not the exchange-value of the use-values increase, when their quantity increases in consequence of increased productive power of labour? Answer: the difficulty is met by calling use-value, exchange-value, if you please. Exchange-value is a thing that is connected one way or another with exchange. If therefore production is called an exchange of labour and means of production against the product, it is clear as day that you obtain more exchange-value in proportion as the production yields more use-value. In other words, the more use-values, e.g., stockings, a working day yields to the stocking-mannfacturer, the richer is he in stockings. Suddenly, however, Say recollects that "with a greater quantity" of stockings their "price" (which of course has nothing to do with their exchange-value!) falls "parce que la concurrence les (les producteurs) oblige à donner les produits pour ce qu'ils leur coutent." But whence does the profit come, if the capitalist sells the commodities at cost price? Never mind! Say declares that, in consequence of increased productivity, every one now receives in return for a given equivalent two pairs of stockings instead of one as before. The result he arrives at, is precisely that proposition of Ricardo that he aimed at disproving. After this mighty effort of thought, he triumphantly apostrophises Malthus in the words: "l'elle est, monsieur, la doctrine bien liec, sans laquelle il est impossible, je le déclare, d'expliquer les plus grandes This natural power of labour takes the