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The Philosophy of Misery by P.-J. (Pierre-Joseph) Proudhon
page 108 of 544 (19%)
value, then, is inexact; the object of our inquiry is not the
standard of value, as has been said so often and so foolishly,
but the law which regulates the proportions of the various
products to the social wealth; for upon the knowledge of this law
depends the rise and fall of prices in so far as it is normal and
legitimate. In a word, as we understand by the measure of
celestial bodies the relation resulting from the comparison of
these bodies with each other, so, by the measure of values, we
must understand the relation which results from their comparison.

Now, I say that this relation has its law, and this comparison
its principle.

I suppose, then, a force which combines in certain proportions
the elements of wealth, and makes of them a homogeneous whole: if
the constituent elements do not exist in the desired proportion,
the combination will take place nevertheless; but, instead of
absorbing all the material, it will reject a portion as useless.
The internal movement by which the combination is produced, and
which the affinities of the various substances determine--this
movement in society is exchange; exchange considered no longer
simply in its elementary form and between man and man, but
exchange considered as the fusion of all values produced by
private industry in one and the same mass of social wealth.
Finally, the proportion in which each element enters into the
compound is what we call value; the excess remaining after the
combination is NON-VALUE, until the addition of a certain
quantity of other elements causes further combination and
exchange.

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