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The Value of the Substance


  • Francesco Schettino

    (Department of Public Economics, University of Rome I, 'La Sapienza')


The aim of the paper is to find the reason of the commodoties exchange. That is why our analysis inquires on the substance of the commodities value as Marx did on ``The Capital'' first pages using the dialectic method. Our different approach is analytic although we apply the fundamentals of the hegelian method. We use the concept of the labour centrality in the social production as an axiom, and we consider it as the natural starting point of the investigation. The historical materialism gives us the way to observe the conceptual dominion of the (exchange) value on the use value and then we are able to analyze its substance, our primary aim. Using the hegelian categories of quality and quantity we obtain that the only common quality of any commodity is the labour that, conseqently, is the substance of the value. This element, in fact, is basical to measure and, then, to compare any commodity. We conclude deriving that any study on the so called trasformation problem of Marx is unconsistent without a necessary deep analysis of the substance of the value.

Suggested Citation

  • Francesco Schettino, 2005. "The Value of the Substance," Method and Hist of Econ Thought 0505004, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpmh:0505004
    Note: Type of Document - pdf; pages: 12

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    Value theory; Marx; Hegelian approach;
    All these keywords.

    JEL classification:

    • B - Schools of Economic Thought and Methodology

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