| This question <20|31> overall <29|31> Whit: <1345|531>. |
| Question 86: Use-value is the quality of the commodity, and exchange-value is its quantity. Right or wrong? |
| [30] Whit: Right. A use-value is going to be different because people have personal preferences. Take for instance two chefs. They both need knives in order to cook. If one chef spends the majority of his day preparing meet, he is going to be quicker and more efficient if he has a butcher's knife, where as a chef who spends her day slicing fruit would prefer to have a paring knife for the same reasons. Both chefs could get their job done with either knife. However, each knife is going to have a different use-value because one will allow them to complete their job with more ease and speed than the other. This preference is based on the quality of the knives. Therefore, it can be said that use-value is the quality of the commodity. |
| Exchange value is a relation between two commodities. If I wanted, I could buy two apples with one banana, or if I preferred I could buy two pears with one banana. The point being that exchange values between these items is equal which implies equality between the exchangeable items. Because these items are equal, they can be compared quantitatively. Therefore, it can be said that exchange value is its quantity. |
| Hans: You made the argument that use-value principally depends on the quality of the good, and exchange-value on the quantity. This is not the same as saying that use-value is the quality and exchange-value is the quantity. |
| Whit: So, it is wrong to say that the use-value is the quality of the commodity, and exchange-value is its quantity. Since every commodity has to some extent a quality and a quantity, it would be more accurate to attribute these values to labor. |
| A commodity is given a use-value by labor that is used to create it. The labor remains with the product in a congealed form. This congealed labor is represented by price. |
| An exchange-value is a social quality that has nothing to do with characteristics of the commodity. These social qualities are the signals that are viewed by producers when commodities are exchanged. These exchanges help producers make decisions about production. |
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