| This question <42|42> overall <39|41> ElGuey: <618|74>. graded A– |
| Question 65: Use-value is the quality of the commodity, and exchange-value is its quantity. Right or wrong? |
| [40] ElGuey: Right or Wrong? I believe that to better understand the question, we must break down and discuss both use-value and exchange value separately and then draw a conclusion as to whether the statement is right or wrong. |
| The first statement in the first part of the question is “Use-value is the quality of the commodity.” When discussing use-value in chapter One of Capital, Marx makes a statement that helps readers understand if this part of the question is right or wrong when he states “When treating of use-value, we always assume to be dealing with definite quantities, such as dozens of watches, yards of linen, or tons of iron.” The key word in this statement is assume. We assume that it is the quantity of items we possess that is useful to us and has value. Use-value means an object that gives us utility, something we can use (not value). |
| The second statement is “Exchange-value is its quantity.” Two commodities can always be exchanged. Whether there is more of one commodity or good than the other, the transaction will eventually come to an agreement and a certain quantity will be exchanged (as agreed upon by both parties). Again in chapter One of Capital, Marx discusses the exchange between two commodities; corn and iron. Lets suppose we weigh the iron. It will obviously weigh more (possibly) triple than the weight of the corn. At some point, the corn will have an exchange value equal to that of the iron in “its quantity.” |
| After giving an explanation of exchange-value in the first chapter of Capital, Marx states, “As use-values, commodities are, above all, of different qualities, but as exchange-values they are merely different quantities, and consequently do not contain an atom of use-value.” |
| So the statement is right. “Use-value is the quality of the commodity, and exchange-value is its quantity” |
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