This question <71|71> overall <56|58> Jeffkang: <630|163>. graded B+

Question 170: The relationship “20 yards of linen are worth 1 coat” says that 20 yards of linen are worth as much as the coat, but it says nothing about the value of the coat itself. Right or wrong?

[57] Jeffkang: 20 yds Linen vs. 1 Coat.   I believe this is wrong. It does mention the exchange-value of the coat, but doesn't mention the use-value of the coat. So in a sense, it does say something about the value of the coat. Exchange-value describes a commodity in regards to its quantity; therefore in the statement “20 yards of linen are worth 1 coat,” we are describing the exchange value of the coat. On the other hand, use-value is not discussed here at all. Use-value would have discussed the 2 different utilities of both 20 yards of linen and the coat, of which neither are discussed at this time. In this statement only one part of value is discussed, and that is the exchange-value of the linen and coat.

Hans: Fair attempt to argue yourself through this question, but the premise of your argument “Exchange-value describes a commodity in regards to its quantity” is wrong. You also have the mistaken conception that value has the two parts use-value and exchange-value. Value, as Marx uses this term, is that deep property which gives a commodity its exchange-value, but value is only very loosely related with use-value.

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