Jerry raised a question, " how do *you* define value? ".
IMO, value cannot be defined in any other concepts. Because it is the most abstract, the other concept that should define it could become more abstract than the value. So, we only have to analyze it into its triad formula, i.e. the substance of valuer>
, the magnitude of value and the forms of value (including the transformation). The magnitude of value is defined as the amount of labor embodied in the product. Jerry asked, if you prefer the term "embodied", could you please explain the
meaning of that term as it relates to commodity values?".
IMO, the embodied labor implies the labor was absorbed into the product in the sense that it was produced by labor.
If, on the other hand, we define the value as the labor represented in the commodity value. Then, we should have to redefine the commodity value again without using the terminology, labor. Otherwise, it should be in a circle.
Looking forward to your reply,
cheers,
chai-on