| This question <8|8> overall <6|8> Daklar: <1|17>. |
| Question 47: Why does Marx write in 127:1; V127:1 “the valid exchange values,” instead of simply “the exchange values”? |
| [7] Daklar: “the valid exchange values” As Marx says “Therefore, first: the valid exchange-values of a given commodity express something equal;” When Marx says “valid exchange-values” he is referring to the fact that when you exchange wheat for gold or silk or shoe polish you are exchanging a quantity of wheat equal in value to the quantity of whatever you receive. Neither party participating in the exchange of goods has made a profit. This is why the value is the valid exchange-value for the wheat. |
| If it was just an exchange value then it could be any value. In classical economics, you pay the exchange value of a product by exchanging money for goods but, then you turn around and sell those goods at a higher price in order to make a profit. Marx would say that this is only redistribution of wealth which leads to inflation. When you purchase goods and sell them for profit it is a zero sum game. If you buy a book for $5 and then sell it to somebody else for $10 you have made $5 but somebody else has lost $5. There is only a fixed amount of money in the system. You have not caused any growth you have only redistributed the wealth and exploited somebody by causing them to lose $5. |
| Marx would say that the way you make profit in classical economics is invalid because all you are doing is redistributing wealth causing inflation. The way to validate making a profit would be to take the goods you have purchased and improve them in some way. Put some labor into them. If you buy some wool yarn it is only validly worth the cost of the yarn but if you take some needles and knit a sweater from the yarn and maybe dye it a pretty color, you have added to the goods through your labor and have created a greater valid exchange value for the yarn. |
| For this reason Marx refers to “the valid exchange value” instead of simply “the exchange-value”. |
| Hans: Both your [1] and [7] show that you are picking up the central issues in the readings. |
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