Private property. Its immediate consequence — trade— like every 
activity, is a direct source of gain for the trader. The next category 
to which trade gives rise is value. Abstract real value and 
exchange-value. For Say utility is the determining feature of real 
value, for Ricardo and Mill*—the cost of production. For the 
Englishmen, competition as against the cost of production repre- 
sents utility; for Say, it is the cost of production. Value is the ratio 
of the production costs to utility. Its immediate application: the 
decision whether to produce at all, whether utility outweighs the 
cost of production. The practical application of the concept of 
value is limited to the decision about production. The distinction 
between real value and exchange-value is based on the fact that the 
equivalent given in trade is no equivalent. Price: the relationship 
[between] cost of production and competition. Only that which can 
be monopolised has price. Ricardo’s definition of rent of land is 
incorrect because it presupposes that a fall in demand instantly 
reacts on rent and:at once puts out of cultivation a corresponding 
quantity of the worst cultivated land. This is incorrect. This 
definition leaves out competition, that of Adam Smith leaves out 
fertility. Rent is the relationship between productivity of the soil and 
competition. The value of land” is to be measured by the productive- 
ness of equal areas using equal amounts of labour. 

The separation of capital from labour. The separation of capital 
and profit. The division of profit into profit and interest.... Profit, 
the weight that capital puts in the scales when the costs of 

2 Engels writes “McCulloch” (see this volume, p. 424).— Ed. 
Engels stipulates: provided private property is abolished (see this volume, pp. 
429-30).— Ed. 

production are determined, remains inherent in capital, and the 
latter reverts to labour*. The separation of labour and wages. The 
significance of wages. The significance of labour in determining 
the production costs. The split between land and the human 
being. Human labour? divided into labour and capital.