| This question <29|29> overall <26|29> MIKE: <438|157>. |
| Question 63: Is the magnitude of value of a commodity determined by the quantity of abstract labor necessary to produce it, or by the quantity of other commodities against which it can be exchanged? |
| [28] MIKE: Value of commodities The magnitude of value when considering the labor put into an article, does determine the value of the commodity. Or does it? A commodity or product that is going to be exchanged is usually determined on how much an individual wants it. A commodity that is produced in mass, although excessive labor was put into its production is not necessary worth more. Why, because of the availability of the product. If an individual wants to spend the money, they will be able to get it. This discussion of value goes into all realms of all products. For example, a sports card takes the same amount of labor no matter whom the player is. The same amount of labor goes into a Michael Jordan rookie card as in other players that year. The availability of the card determines the price! Although minimal labor was put into the production, the value differs on the quantity available to the consumer. |
| With this in mind, why is the magnitude of value greater when more extensive labor is put into an article, because the extent of labor determines the availability of a commodity. With the use of technological advances, a product can be produced and reproduced with great ease. Corporations find greater profit in this, even with reduced prices. When a product is not mass-produced and greater labor is put into it, the value increases due to the quality and detail, and also the difficulty and rarity of the commodity. Therefore, they go hand in hand, the magnitude of value correlates with the quantity of other commodities in which it can be exchanged. |
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