A. A. Lyapunov (on his 60th birthday)

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Naturally only the used-up portion of constant capital—the "used-up c"—goes into the value of the product, while the whole "employed c" is taken into account in reckoning the rate of profit. We see that this table shows, in the different spheres of production where the exploitation of labor has been the same, very different rates of profit, corresponding to the different organic composition of the capitals. But we can also look at the same facts and data from another point of view. "The aggregate sum of the capital employed in the five spheres is 500; the aggregate sum of the surplus value produced is n o ; and the aggregate value of the commodities produced is 610.

Apart, therefore, from temporary and occasional variations which "appear to be a breach of the law of the exchange of commodities" (I, 177), commodities which embody the same amount of labor must on principle, in the long run, exchange for each other. And now in the third volume we are told briefly and dryly that what, according to the teaching of the first volume, must be, is not and never can be; that individual commodities do and must exchange with each other in a proportion different from that of the labor incorporated in them, and this not accidentally and temporarily, but of necessity and permanently.

It is quite a different thing, however, if the capitalist makes the laborer work twelve hours a day. In twelve hours the laborer works up twenty pounds of cotton in which forty hours of labor have been previously embodied, and which are, therefore, worth twenty shillings. He further uses up in tools the product of eight hours' labor, of the value of four shillings. But during a day he adds to the raw material twelve hours' labor, that is, a new value of six shillings. And now the balance sheet stands as follows: the yarn produced during a day has cost in all sixty hours' labor, and has, therefore, a value of thirty shillings.

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