Amount Quote by Rudolf Hiferding
“But whether, for example, a coat can be exchanged for twenty yards of linen cloth or for forty yards is not a matter of chance, but depends upon objective conditions, upon the amount of socially necessary labor time contained in the coat and in the linen respectively.”
About This Quote
The exchange value of goods depends on socially necessary labor time, not chance, highlighting economic determinism.
In simple terms: Value determined by labor time
Key Takeaway
Understand labor theory of value in economics.
Themes
economics
labor theory
exchange
Mood
analytical
critical
Type
economic
theoretical
When to use this quote
- market pricing
- trade negotiations
- resource allocation
Key Concepts
marxist theory
value assessment
Questions to Reflect On
- How does labor time affect modern pricing?
- What factors override labor value?
A Different Perspective
Real‑world markets also reflect supply and demand fluctuations.
