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 ?
In the words of Adam Smith--and other economists, such as Marx--this political economic system produces goods and services for their exchange-value, not for their use-value.
Instead of leading to the satisfaction of hunger, the production of food for exchange-value, as opposed to use-value, winds up creating food insecurity.
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. Reckoned as consumable articles, there is at every moment of time, alongside the consumable articles existing in the form of goods, a quantity of consumable articles in the form of services (Marx, 1956: 164, cf.
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).
"Our hoarder is a martyr to exchange-value," writes Marx.
Adam Smith and the other classical economists of his time (the 18th century) recognized the distinction between use-value and exchange-value. 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, distinct from what is later referred to as 'use-value', becomes materially independent in money.
This is not only hard-headed posturing, but a recognition that the end of market economy is exchange-value, with use-value serving merely as a means.
The rush from production in a third-world country to distribution in the first, and from the production exchange-value to a brief performance of use-value and imminent dismissal as detritus in ever-decreasing temporal cycles, seems have become the universal condition of the commodity Hirschhorn's artistic practice mimetically follows.