But, in constituted value, all these properties acquire a broader, more regular, truer significance than before.Thus, utility is no longer that inert capacity, so to speak, which things possess of serving for our enjoyments and in our researches; venality is no longer the exaggeration of a blind fancy or an unprincipled opinion; finally, variability has ceased to explain itself by a disingenuous discussion between supply and demand: all that has disappeared to give place to a positive, normal, and, under all possible circumstances, determinable idea.By the constitution of values each product, if it is allowable to establish such an analogy, becomes like the nourishment which, discovered by the alimentary instinct, then prepared by the digestive organs, enters into the general circulation, where it is converted, according to certain proportions, into flesh, bone, liquid, etc., and gives to the body life, strength, and beauty.
Now, what change does the idea of value undergo when we rise from the contradictory notions of useful value and exchangeable value to that of constituted value or absolute value? There is, so to speak, a joining together, a reciprocal penetration, in which the two elementary concepts, grasping each other like the hooked atoms of Epicurus, absorb one another and disappear, leaving in their place a compound possessed, but in a superior degree, of all their positive properties, and divested of all their negative properties.
A value really such -- like money, first-class business paper, government annuities, shares in a well-established enterprise -- can neither be increased without reason nor lost in exchange: it is governed only by the natural law of the addition of special industries and the increase of products.
Further, such a value is not the result of a compromise, -- that is, of eclecticism, juste- milieu, or mixture; it is the product of a complete fusion, a product entirely new and distinct from its components, just as water, the product of the combination of hydrogen and oxygen, is a separate body, totally distinct from its elements.
The resolution of two antithetical ideas in a third of a superior order is what the school calls synthesis.It alone gives the positive and complete idea, which is obtained, as we have seen, by the successive affirmation or negation -- for both amount to the same thing -- of two diametrically opposite concepts.Whence we deduce this corollary, of the first importance in practice as well as in theory: wherever, in the spheres of morality, history, or political economy, analysis has established the antinomy of an idea, we may affirm on a priori grounds that this antinomy conceals a higher idea, which sooner or later will make its appearance.
I am sorry to have to insist at so great length on ideas familiar to all young college graduates: but I owed these details to certain economists, who, apropos of my critique of property, have heaped dilemmas on dilemmas to prove that, if I was not a proprietor, I necessarily must be a communist;
all because they did not understand thesis, antithesis, and synthesis.
The synthetic idea of value, as the fundamental condition of social order and progress, was dimly seen by Adam Smith, when, to use the words of M.Blanqui, "he showed that labor is the universal and invariable measure of values, and proved that everything has its natural price, toward which it continually gravitates amid the fluctuations of the market, occasioned by accidental circumstances foreign to the venal value of the thing."
But this idea of value was wholly intuitive with Adam Smith, and society does not change its habits upon the strength of intuitions; it decides only upon the authority of facts.The antinomy had to be expressed in a plainer and clearer manner: J.B.Say was its principal interpreter.But, in spite of the imaginative efforts and fearful subtlety of this economist, Smith's definition controls him without his knowledge, and is manifest throughout his arguments.
"To put a value on an article," says Say, "is to declare that it should be estimated equally with some other designated article......The value of everything is vague and arbitrary until it is RECOGNIZED......" There is, therefore, a method of recognizing the value of things, -- that is, of determining it; and, as this recognition or determination results from the comparison of things with each other, there is, further, a common feature, a principle, by means of which we are able to declare that one thing is worth more or less than, or as much as, another.
Say first said: "The measure of value is the value of an other product."
Afterwards, having seen that this phrase was but a tautology, he modified it thus: "The measure of value is the quantity of another product," which is quite as unintelligible.Moreover, this writer, generally so clear and decided, embarrasses himself with vain distinctions: "We may appreciate the value of things; we cannot measure it, -- that is, compare it with an invariable and known standard, for no such standard exists.We can do nothing but estimate the value of things by comparing them." At other times he distinguishes between real values and relative values: "The former are those whose value changes with the cost of production; the latter are those whose value changes relatively to the value of other kinds of merchandise."
