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[53] Melanie: The exchange value of a commodity consists of the amount of labor-time
it is able to command. For example, if I exchange a television for an
iPod, the exchange value of the television is equal to the amount of
labor-time used to produce the iPod. Even though the use value of the
television (or abstract labor-time used to produce the television) is
4 hours labor time, the exchange value may be different. The exchange
value of the television will be equal to the amount of labor-time it
is able to command when exchanging it for another commodity.
Therefore, if the television is traded for an iPod, and the iPod took
10 hours of labor-time to produce, then the exchange value of the
television is 10 hours of labor-time. |
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