Quote image editor
“If the exchange act may thus be regarded as a creation of society, it is no less true to say that both society and the individual become aware of this only after exchanges have been completed. The work of an individual is, first and foremost, his own individual endeavour, motivated by his own self-interest. It is his personal labour, not the labour of society. But whether or not it conforms with the requirements of the total circulation of goods, of which his labour is necessarily a component part, can be determined only when all the component elements have been compared and the aggregate requirements of that circulation have been completely satisfied.” — Rudolph Hiferding
If the exchange act may thus be regarded as a creation of society, it is
no less true to say that both society and the individual become aware of
this only after exchanges have been completed. The work of an individual
is, first and foremost, his own individual endeavour, motivated by his
own self-interest. It is his personal labour, not the labour of society.
But whether or not it conforms with the requirements of the total
circulation of goods, of which his labour is necessarily a component
part, can be determined only when all the component elements have been
compared and the aggregate requirements of that circulation have been
completely satisfied.