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 related to exchange value:
“If mass communications blend together harmoniously, and often unnoticeably, art, politics, religion, and philosophy with commercials, they bring these realms of culture to their common denominator—the commodity form. The music of the soul is also the music of salesmanship. Exchange value, not truth value, counts.”
—Herbert Marcuse (1898–1979)