Exchange Value

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Exchange Value

The theoretical value of a commodity if it were to be traded. In Marxist economics, this is similar to but distinct from the concept of price, which is a money value of a commodity in a transaction. It differs from use value in that use value measures quality while exchange value measures quantity.
References in periodicals archive ?
As the amount of food produced increases (as its supply rises), the exchange-value drops.
As a particular residence for elderly people in Brooklyn saw properties in its neighborhood rise in exchange-value, the landlord (who's primarily a businessperson, after all, motivated by profit) realized that s/he could make a great deal more money by evicting the elderly residents and converting the property into luxury condominiums.
In return they give or pester us with their services, which as such services have a use-value and because of their production costs also an exchange-value.
Domestic service might be drawn out over a lifetime whereas amusements are more often fleeting and hence do not exist 'in a more or less durable, and therefore again saleable, use-value' Marx, therefore, appreciates that exchange-value 'depends on the degree to which the use-value is durable, that is, on how slowly consumption deprives it of the possibility of being a commodity or bearer of exchange-value' (Marx, 1956: 294).
Although labour is common to all forms of capital and of value, each has its specific social dimension: use-values gain a social element if their utility is sought by someone other than their makers or current owners; value is a relation through the socially necessary labour-time required to achieve the average rate of profit; exchange-value 'is a relation between persons .
He adores exchange-value and he consequently refrains from exchange" (Contribution 134).
The exchange-value of a commodity refers to the quantities of other commodities for which it can be exchanged.
Most significantly, Marx distinguished between labor-power, which is the productive capacity owned by the worker and purchased by the capitalist, and labor itself, which is the worker's productive activity and the source of a commodity's exchange-value.
So Marx's theory of money developed out of a critique of the utopian socialists' concepts of money, labour-time and exchange-value and it had definite political implications.
Exchange-value is the means and purpose of exchange, while 'man himself is.
objectified labour made into an independent exchange-value by social processes.
Economics did not become the nonethical science of exchange-value by accident; it simply became clearer about itself, and ethical recommendations to reverse this are unlikely to get far.