Cost the limit of price
Template:Short description Script error: No such module "Unsubst". Script error: No such module "sidebar". Template:Libertarian socialism sidebar Script error: No such module "Sidebar". "Cost the limit of price" was a maxim coined by Josiah Warren, indicating a (prescriptive) version of the labor theory of value. Warren maintained that the just compensation for labor (or for its product) could only be an equivalent amount of labor (or a product embodying an equivalent amount).[1] Thus, profit, rent, and interest were considered unjust economic arrangements. As Samuel Edward Konkin III put it, "The labor theory of value recognizes no distinction between profit and plunder."[2]
In keeping with the tradition of Adam Smith's The Wealth of Nations,[3] the "cost" of labor is considered to be the subjective cost; i.e., the amount of suffering involved in it.[1]
Development
The principle was outlined in Warren's Equitable Commerce (among other writings) and has been called a "mainstay of 19th century individualist anarchism".[2] It was further advocated and popularized by Benjamin Tucker in his individualist anarchist periodical Liberty, and in his books. Tucker explained there are two kinds of Socialism, one authoritarian (ie. Marx) and one libertarian (Proudhon and Warren), yet what both schools of Socialism have in common is the labor theory of value. [4] Tucker explained Warren's views as so:
Warren put his principle into practice in 1827 by establishing an experimental "equity store", called the Cincinnati Time Store, where trade was facilitated by notes backed by a promise to perform labor. This scheme was exactly that advocated by Pierre Proudhon some years later under the name mutuellisme; however, it is believed that Proudhon developed his ideas independently.[5]
See also
References
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- ↑ a b In Equitable Commerce, Warren writes, "If a priest is required to get a soul out of purgatory, he sets his price according to the value which the relatives set upon his prayers, instead of their cost to the priest. This, again, is cannibalism. The same amount of labor equally disagreeable, with equal wear and tear, performed by his customers, would be a just remuneration
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- ↑ Smith writes: "The real price of every thing, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it." Note, also, the sense of "labor" meaning "suffering."
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- ↑ Template:Cite EB1911
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