"A commodity has value, because it is a crystalization of social labor… The relative values of commodities are, therefore, determined by the respective quantities or amounts of labor worked up (or contained) in them." (Pages 56 and 57, Value, Price and Profit.)
"In calculating the exchangeable value of a commodity we must add to the quantity of labor last employed, the quantity of labor previously worked up in the raw material of a commodity, and the labor bestowed in the implements, tools, machinery, and buildings, with which labor is assisted." (Value, Price and Profit, page 60.)
The value of barrels, for example, is determined by the social (factory) labor spent in producing staves and hoops and the labor time used in producing the portion of machinery worn out in making them, as well as the necessary social labor spent in cutting and hauling (producing) raw logs for use in the mill.
Every time more social labor is needed in making commodities—shoes, hats, gloves, stoves or cigars—whatever these commodities may be—their value is increased. Every time the quantity of socially necessary labor is lessened in the production of commodities, their value is decreased.
Nearly all kinds of furniture have greatly deereased in value the past few years owing to the improved machines used in their production and the relatively small quantity of labor contained in furniture.
