Exchange Value
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An Exchange Value is a value that is determined by a marketplace.
References
2014
- (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/Exchange_value Retrieved:2014-12-21.
- In political economy and especially Marxian economics, exchange value refers to one of four major attributes of a commodity, i.e., an item or service produced for, and sold on the market. The other three aspects are use value, value (economics) and price. [1] Thus, a commodity has: *a value (note the link is to a non-Marxian definition of value) *a use-value (or utility) *an exchange value
- a price (it could be an actual selling price or an imputed ideal price)
- These four concepts have a very long history in human thought, from Aristotle to David Ricardo, [2] becoming ever more clearly distinguished as the development of commercial trade progressed but have largely disappeared as four distinct concepts in modern economics. This entry focuses on Marx's summation of the results of economic thought about exchange-value.
- In political economy and especially Marxian economics, exchange value refers to one of four major attributes of a commodity, i.e., an item or service produced for, and sold on the market. The other three aspects are use value, value (economics) and price. [1] Thus, a commodity has: *a value (note the link is to a non-Marxian definition of value) *a use-value (or utility) *an exchange value
- ↑ Howard Nicholas, Marx's theory of price and its modern rivals. London: Palgrave Macmillan, 2011.
- ↑ David Ricardo (1817 ) On the Principles of Political Economy and Taxation