| This question <539|36> overall <540|543> Leftyjace: <90|543>. |
| Question 87: We know now that value consists of abstract labor. What does exchange-value consist of? |
| [542] Leftyjace: Exchange-value is a product of a few things. Exchange-value has its basis in the labor expended in the formation of the commodity. The magnitude of the labor expended may be the starting point for the seller to determine what its exchange-value should be. But in turn the exchange-value is also a reflection of the need/desire for a commodity by the buyer, and as such is completely subjective. It may also be affected by events that happen after the production of the commodity, but before the exchange. So ultimately, the exchange-value is in essence the embodiment of a social relation - it is an agreed upon magnitude of value by the buyer and the seller sufficient for the purpose of completing the exchange. |
| Hans: Yes, exchange value is a social relation; but this doesn't mean it is whatever the traders agree to. The traders are in competition with many others and the terms of their trade are not under their control. The factors which you are enumerating play a role, but their influence is temporary. If there is lot of need for a commodity, this may raise the price temporarily, but then production rises too. The labor theory of value says that in this chaotic movement of exchange-values, values proportional to labor input are an attractor. I.e., labor input is the most enduring influence which ultimately carries the day. |
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