| This question <210|223> overall <215|217> Dave: <100|227>. |
| Question 54: The use-value of a commodity is the utility one gets from using it; the exchange-value is the utility one gets from using those things one can trade the commodity for. Right or wrong? |
| [216] Dave: This is wrong. The beginning of the question states that “the use-value of a commodity is the utility one gets from using it.” The word utility leads us to consider the utility function which measures the satisfaction of a thing to the individual. As stated in “Capital” Marx says that “the usefulness of a thing makes it a use-value”. How useful a commodity is “to serve human needs”, as stated in the annotations, determines the commodity's use-value. According to Marx the usefulness of a thing can not be measured or compared. This would lead us away from utility. |
| According to the annotations exchange-value is “that social relation or social custom which allows commodities to be traded for each other or for money.” The question defines exchange value incorrectly by using the word utility. The “utility” one gets from an item being exchanged does not determine its exchange value. Exchange-value is found in the commodity itself. This cannot be found in determining the utility or use-value of the item. |
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