this stumbling-block. Vulgar economy which, indeed, “has really learnt nothing,” here as everywhere sticks to appearances in opposition to the law which regulates and explains them. In opposition to Spinoza, it believes that “ignorance is a sufficient reason.”
The labour which is set in motion by the total capital of a society, day in, day out, may be regarded as a single collective working-day. If, e.g., the number of labourers is a million, and the average working-day of a labourer is 10 hours, the social working-day consists of ten million hours. With a given length of this working-day, whether its limits are fixed physically or socially, the mass of surplus-value can only be increased by increasing the number of labourers, i.e., of the labouring population. The growth of population here forms the mathematical limit to the production of surplus-value by the total social capital. On the contrary, with a given amount of population, this limit is formed by the possible lengthening of the working-day.[1] It will, however, be seen in the following chapter that this law only holds for the form of surplus-value dealt with up to the present.
From the treatment of the production of surplus-value, so far, it follows that not every sum of money, or of value, is at pleasure transformable into capital. To effect this transformation, in fact, a certain minimum of money or of exchange-value must be presupposed in the hands of the individual possessor of money or commodities. The minimum of variable capital is the cost price of a single labour-power, employed the whole year through, day in, day out, for the production of surplus-value. If this labourer were in possession of his own means of production, and were satisfied to live as a labourer, he need not work beyond the time necessary for the reproduction of his means of subsistence, say 8 hours a day. He would, besides, only require the means of production sufficient for 8 working hours. The capitalist, on the other hand, who makes
- ↑ "The labour, that is the economic time, of society, is a given portion, say ten hours a day of a million of people, or ten million hours.… Capital has its boundary of increase. This boundary may, at any given period, be attained in the actual extent of economic time employed.” (“An Essay on the Political Economy of Nations.” London, 1821, pp. 47, 49.)
