Note 1014 — Chapter III · : MARXISM

Especially in that passage to which Bernstein calls attention: “According to the law of value not merely must one devote the socially necessary amount of time to the production of each commodity, but each group of commodities must have such extra effort spent upon it as the nature of the commodity or the character of the demand requires. The first condition of value is utility or the satisfaction of some social need—that is, value in use raised to such a degree of potentiality as shall determine the proportion of total social labour to each of the various kinds of production.” (Kapital, vol. iii.)

Bernstein adds: “This admission makes it impossible to treat the themes of Gossen, of Jevons, and of Böhm-Bawerk as so many insignificant irrelevancies.” (Die Voraussetzungen des Sozialismus.)