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 and price.
Thus, a commodity has:
- a 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, becoming ever more clearly distinguished as the development of commercial trade progressed. This entry focuses on Marx's summation of the results of economic thought about exchange-value.
Read more about Exchange Value: Exchange Value and Price According To Marx, Exchange Value and Commodification, Marx's Quote On Commodities and Their Exchange, Exchange Value and The Transformation of Values Into Prices, Other Theories of Exchange Value
Famous quotes containing the word exchange:
“The first place he went into was the Royal Exchange .... where men of all ages and all nations were assembled, with no other view than to barter for interest. The countenances of most of the people showed they were filled with anxiety; some indeed appeared pleased, but yet it was with a mixture of fear.... [David] resolved to stay no longer in a place where riches were esteemed goodness, and deceit, low cunning, and giving up all things to the love of gain were thought wisdom.”
—Sarah Fielding (1710–1768)