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Third, value is not the same thing as exchange-value (or price). Rather, the value is the shared characteristic of the exchange-values of all the commodities. He calls this the "common factor", whereas someone else might call it the "essence". In contrast, the exchange-value represents the appearance or "form" of expression of value in trade.
Exchange-value is a key concept in understanding Marx's analysis of commodities. Every commodity has a dual nature: use-value (its utility) and exchange-value (its value in the market). Exchange-value is determined by the amount of socially necessary labor time required to produce a commodity, rather than its physical usefulness. [138]
Socially necessary labour time in Marx's critique of political economy is what regulates the exchange value of commodities in trade.In short, socially necessary labour time refers to the average quantity of labour time that must be performed under currently prevailing conditions to produce a commodity.
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]
[89] [note 25] If the law of value was unique to capitalism, it becomes impossible to explain the development of pre-capitalist commodity exchange or the evolution of trading processes in a way consistent with historical materialism and Marx's theory of value. So a better approach, it is argued, is to regard the application of the law of value ...
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]
The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value .
Some basic modern criticisms of Marx's theory can be found in the works by Pearson, Dalton, Boss, Hodgson and Harris (see references). The analytical Marxist John Roemer challenges what he calls the "fundamental Marxian theorem" (after Michio Morishima ) that the existence of surplus labour is the necessary and sufficient condition for profits .