| This question <49|49> overall <48|50> McKinsey: <324-13|50>. |
| Question 47: What is value (according to Marx)? |
| [49] McKinsey: Definition of Value IN his critique of capitalist society, Marx decomposes exchange value into labor and an abstract value that exists in the labor used to create a commodity. He asserts that a commodity is a proportion of another and thus possesses commonality amongst each other. |
| This commonality among commodity establishes a quantitative relationship between different commodity; x units of one commodity exchange for y units of another. For quantitative comparisons of this type to be possible Marx asserts, both commonality must “contain” some common substance: He calls this VALUE. |
| Value cannot be any physical property, such as weight, since physical properties pertain to the use-value aspect of the commodity, so the common factor can only be that both are the product of labor. Marx views labor as the substance of “VALUE”. He also calls it “abstract” labor. |
| Hans: Question 47 is still a trial submission which is not graded, the serious graded Questions start with 49. You gave a fair summary of Marx's derivation of value, your grade would have been around a B. |
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