Meaning: The quote you provided is from Rudolf Hilferding, an Austrian Marxist economist and politician, and it addresses a fundamental aspect of Karl Marx's economic theory, specifically the concept of the "law of value." To fully understand the significance of this quote, we must delve into the context of Marx's theory of value and its interpretation by Hilferding.

Marx's theory of value, as outlined in his seminal work "Capital," is a central component of his critique of capitalism. According to Marx, the value of a commodity is determined by the amount of socially necessary labor time required for its production. This concept is known as the labor theory of value. Marx argued that under capitalism, the exchange value of commodities is ultimately derived from the labor input necessary for their production, rather than from the subjective preferences of individuals or the forces of supply and demand.

The "law of value" refers to the pervasive influence of this principle within a capitalist economy. It dictates that the value of commodities is regulated by the average amount of labor required for their production, and it underpins the dynamics of exchange and the allocation of resources within the capitalist system. In essence, the law of value is a foundational concept in Marx's analysis of how capitalism functions and the inherent contradictions and exploitative relations it engenders.

Hilferding's quote pertains to a specific aspect of Marx's theory of value and its application to individual commodities versus the aggregate of these commodities. He argues against the notion that Marx negates the law of value concerning individual commodities while upholding it for the overall aggregate of commodities. In essence, Hilferding is challenging a misinterpretation of Marx's position on the law of value, asserting that Marx does not revoke its applicability to individual commodities.

In the broader context of Marxist economics, this quote reflects ongoing debates and interpretations regarding the intricacies of Marx's economic theory. It underscores the importance of accurately understanding and interpreting Marx's writings, particularly in relation to concepts as fundamental as the law of value. Furthermore, it highlights the nuances and complexities inherent in Marx's analysis of capitalism and the functioning of the capitalist economy.

In conclusion, Rudolf Hilferding's quote encapsulates a key aspect of the ongoing discourse surrounding Marx's theory of value and its application to individual commodities within the capitalist system. By addressing misconceptions and misinterpretations of Marx's position on the law of value, Hilferding's words contribute to a deeper understanding of the complexities of Marxist economic theory and the enduring relevance of Marx's critique of capitalism.