Search results
Results From The WOW.Com Content Network
Marx regards exchange-value as the proportion in which one commodity is exchanged for other commodities. For Marx, exchange-value is not identical to the money price of a commodity. Actual money prices (or even equilibrium prices) will only ever roughly correspond to exchange-values. The relationship between exchange-value and price is ...
What Marx really meant by the "transformation" was that the direct regulation of the exchange-value of commodities according to their labour-value is, in a capitalist mode of production, transformed into the regulation of the exchange of commodities by their production prices—reflecting the fact, that the supply of commodities in capitalist ...
Thus, value is a purely social characteristic of commodities. The substance of the value of a commodity is a determinate quantity of social labour. That is, the existence of exchange value presupposes social relations between people organised into a society. "Socially necessary labour time" encapsulates this essential "relatedness" of value ...
In Marx's theory, a commodity is something that is bought and sold, or exchanged in a relationship of trade. [4] It has value, which represents a quantity of human labor. [5] Because it has value, implies that people try to economise its use. A commodity also has a use value [6] and an exchange value. [7]
The surplus value/product is the materialized surplus labour or surplus labour time while the necessary value/product is materialized necessary labour in regard to workers, like the reproduction of the labour power. [6] Marx called the rate of surplus value an "exact expression of the degree of exploitation of labour power by capital". [11]
The value of labor, in this view, covered not just the value of wages (what Marx called the value of labor power), but the value of the entire product created by labor. [ 18 ] Ricardo's theory was a predecessor of the modern theory that equilibrium prices are determined solely by production costs associated with Neo-Ricardianism .
Marxist ethics is a doctrine of morality and ethics that is based on, or derived from, Marxist philosophy. Marx did not directly write about ethical issues and has often been portrayed by subsequent Marxists as a descriptive philosopher rather than a moralist . [ 1 ]
This causes people to think value and exchange-value are the same thing, but Marx argues they are not; the content, magnitude and form of value must be distinguished, and according to the law of value, the exchange value of products being traded is determined and regulated by their value. His argument is, that the market prices of a commodity ...