Search results
Results From The WOW.Com Content Network
Marx comments for example that "in English writers of the 17th century we frequently find worth in the sense of value in use, and value in the sense of exchange-value." [ 2 ] With the expansion of market economy, however, the focus of economists has increasingly been on prices and price-relations, the social process of exchange as such being ...
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 ...
[60] [61] Keen responds by arguing that the labor theory of value only works if the use-value and exchange-value of a machine are identical, as Marx argued that machines cannot create surplus value since as their use-value depreciates along with their exchange-value; they simply transfer it to the new product but create no new value in the ...
Marx says a commodity is a use-value and also an exchange-value. He explains that as a use-value, the commodity meets a human want or need of any kind, i.e., it is a useful thing. The use-value of the commodity is determined by how useful the commodity is. [4] [5] However, the actual use-value is immeasurable. He explains that use-value can ...
In classical economics, the value of an object or condition is the amount of discomfort/labor saved through the consumption or use of an object or condition (Labor Theory of Value). Though exchange value is recognized, economic value is not, in theory, dependent on the existence of a market and price and value are not seen as equal. This is ...
If different products are exchanged in market trade according to specific trading ratios, Marx argues, the exchange process at the same time relates, values and commensurates the quantities of human labour expended to produce those products, regardless of whether the traders are consciously aware of that (see also value-form). [10] Therefore ...
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] It has a use value because, by its intrinsic characteristics, it can satisfy some human need or want, physical or ideal. [8] By nature this is a social use value, i.e. the object is useful not just to the producer ...
Marx borrowed the idea of the form of value from the Greek philosopher Aristotle (circa 384–322 BC), who pondered the nature of exchange value in chapter 5 of Book 5 in his Nicomachean Ethics. [128] Aristotle distinguished clearly between the concepts of use-value and exchange-value (a distinction taken over by Adam Smith).