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[51] Kalmerico: Marx states that the value of a commodity can be extracted from its exchange
value. Therefore, one might conclude that the exchange value is derived
from the commodity's perceived value. How does one determine the value of a
particular commodity? According to Marx, value is determined by the amount
of human labor expended to produce any given commodity. So it is abstract
labor that gives a commodity its value, which is then reflected in the
exchange value, or price, in a particular market of a capitalist society. |
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