| This question <15|174> overall <24|26> Scott: <609|39>. |
| 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? |
| [25] Scott: Correct. There must be certain criteria fulfilled in an exchange. The person receiving the commodity and the person exchanging the commodity agree upon an exchange of money or barter that both parties find fulfilling, otherwise they would not exchange. Example: The use-value of a home is enormous, it will keep you warm, protected. Its exchange value is also enormous. People are willing to pay enormous amounts of money in order to produce homes, and others spend enormous amounts of money in order to own homes. |
| Hans: In Marx's theory, the price of a commodity does not depend on its use-value but on its labor content. |
| Your submission comes at the tail end of a long discussion about this same question. In such a situation you are required to refer to this earlier discussion, if only to explain why your approach is so much different. |
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