Note 3 — THE PRESENT ECONOMIC SYSTEM AND ITS CONSEQUENCES.
Henry P. (Henry Pomeroy) Horton translation
The value of a commodity is determined by the quantity of labor it represents, measured by the time required. Naturally by “work” is to be understood here not individual work, but social work; or as Marx says: “It is … the quantity of work socially necessary, or the time socially necessary for the production of a commodity, which determines its value.”3