
	Where results make sense

Topic: Exchange value

Related Topics

Labor theory of value

In the News (Mon 6 Oct 08)

Eli Manning

Josh Beckett

Sage Rosenfels

South Ossetia

Super League

Angelina Jolie

West Bengal

Wayne Rooney

Howard Stern

Beth Ostrosky

	Exchange value -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-22)
		In relative terms, the exchange value of a commodity is roughly equivalent to its price: the value of one commodity as reflected by its potential value against any other commodity when exchanged.
		In absolute terms, exchange values are measured in terms of hours of (additional info and facts about socially necessary abstract labor time) socially necessary abstract labor time, whereas prices are measured using money.
		The common factor in the exchange relation, or in the exchange-value of the commodity, is therefore its value.” (Vintage/Penguin edition, p.
	www.absoluteastronomy.com /encyclopedia/e/ex/exchange_value.htm (604 words)

	Definition: Commodity (Site not responding. Last check: 2007-10-22)
		Marx distinguishes between the use-value and the exchange value of the commodity.
		In the exchange of goods on the capitalist market, however, exchange-value dominates: two commodities can be exchanged on the open market because they are always being compared to a third term that functions as their "universal equivalent," a function that is eventually taken over by money.
		Exchange-value must always be distinguished from use-value, because "the exchange relation of commodities is characterized precisely by its abstraction from their use-values" (127).
	www.cla.purdue.edu /academic/engl/theory/marxism/terms/usevalue.html (190 words)

	Mill, Principles of Political Economy, Book III, Chapter I: Library of Economics and Liberty
		The idea of general exchange value originates in the fact, that there really are causes which tend to alter the value of a thing in exchange for things generally, that is, for all things which are not themselves acted upon by causes of similar tendency.
		In considering exchange value scientifically, it is expedient to abstract from it all causes except those which originate in the very commodity under consideration.
		When we are considering the causes which raise or lower the value of corn, we suppose that woollens, silks, cutlery, sugar, timber, &c., while varying in their power of purchasing corn, remain constant in the proportions in which they exchange for one another.
	www.econlib.org /library/Mill/mlP30.html (2033 words)

	Glossary of Terms: Ex
		Exchange is the practice of releasing property on condition of receiving an equivalent in return.
		Exchange began at the margins of tribal society in the form of occasional barter, and gradually grew until it engulfed the whole of social life and gave birth to capital.
		Marx defined the “rate of exploitation”, also referred to as the rate of surplus value, as the proportion of unpaid, surplus labour a worker performs for their employer to the necessary labour workers perform, producing the value equivalent of the wage they are paid.
	www.marxists.org /glossary/terms/e/x.htm (1699 words)

	Medium of Exchange
		The real exchange of commodities, that is the social metabolic process, constitutes a transformation in which the dual nature of the commodity -- commodity as use-value and as exchange-value -- manifests itself; but the transformation of the commodity itself is, at the same time, epitomised in certain forms of money.
		But the quantity of gold for which the commodity is exchanged in the process of circulation is in both cases determined not by means of exchange, but the exchange is determined by the price of the commodity, by its exchange-value calculated in terms of gold.
		The ideas of value and exchange are therefore closely linked and in their present form both are expressions of individualism and antagonism....
	www.marxists.org /archive/marx/works/1859/critique-pol-economy/ch02_2.htm (3183 words)

	XVII. INDIRECT EXCHANGE: The Determination of the Purchasing Power of Money
		The value in exchange (purchasing power) of a medium of exchange is the resultant of the cumulative effect of both partial demands.
		At this point yesterday's exchange value is exclusively determined by the nonmonetary --industrial--demand which is displayed only by those who want to use this good for other employments than that of a medium of exchange.
		Second, that the exchange value of a good which has not yet been demanded for service as a medium of exchange is determined solely by a demand on the part of people eager to use it for industrial purposes, i.e., either for consumption or for production.
	www.mises.org /humanaction/chap17sec4.asp (3685 words)

	Bohm-Bawerk, The Positive Theory of Capital, Book III, Chapter I: Library of Economics and Liberty
		Value in the Subjective sense is the importance which a good, or a complex of goods, possesses with regard to the wellbeing of a subject.
		The economical theory of value has, then, the double task of interpreting, on the one hand, the laws of Subjective Value, and, on the other, the laws of Objective Exchange Value, as from the economic point of view by far the most important branch of objective value.
		Exchange Value is the capacity of a good to obtain in exchange a quantity of other goods.
	www.econlib.org /library/BohmBawerk/bbPTC13.html (949 words)

	[No title] (Site not responding. Last check: 2007-10-22)
		In an exchange where someone is paying above value for the product, the person is relinquishing some of their own accumulated value, over and above the value of the commodity, to the other person in the exchange.
		According to the labor theory of value, the value that the worker produces is appropriated, except for that which is retained in wages, etc.
		In the case of unequal exchange, especially in situations of "super-exploitation," the value that should have been given to the worker in wages is transferred to other parties.
	darkwing.uoregon.edu /~pprew/w03lect14.html (1193 words)

	What Has Government Done to Our Money? The Value of Exchange
		Without exchanges, there would be no real economy and, practically, no society.
		An exchange is an agreement between A and B to transfer the goods or services of one man for the goods and services of the other.
		When Crusoe, say, exchanges some fish for lumber, he values the lumber he "buys" more than the fish he "sells," while Friday, on the contrary, values the fish more than the lumber.
	www.mises.org /money/2s1.asp (371 words)

	FRBSF: Economic Letter - Banks and Foreign Exchange Exposure (9/20/96)
		Any time the value of the exchange rate is linked to foreign competition, to the demand for loans, or to other aspects of banking conditions, it will affect even "domestic" banks.
		The foreign exchange rate sensitivity of a bank with an open interest rate position typically will differ from that of a bank with no interest rate exposure, even if the two banks have the same actual holdings of assets denominated in foreign currencies.
		To the extent that their returns did move with exchange rates, they typically moved in the same direction as the foreign exchange value of the dollar.
	www.frbsf.org /econrsrch/wklyltr/el96-27.html (1777 words)

	[No title]
		He merely places a sort of historical stamp upon the fact of exchange, by presenting it in the form of a motion, made by a third party, that exchange be established.
		The exchange value of a product falls as the supply increases, the demand remaining the same; in other words, the more abundant a product is relatively to the demand, the lower is its exchange value, or price.
		After having equated exchange value and scarcity, use value and abundance, M. Proudhon is quite astonished not to find use value in scarcity and exchange value, nor exchange value in abundance and use value; and seeing that these extremes are impossible in practice, he can do nothing but believe in mystery.
	eserver.org /Marx/1847-poverty.of.philosophy/1-sci.discovery/1.1.txt (3748 words)

	An introduction to Marx's Labour Theory of Value
		That a commodity is both a use-value and an exchange value is a contradiction.
		Marx's value theory is often presented as a simple costs of production theory, where we add up labour value-added in the various stages of production to come up with a final value.
		Exchange value is the phenomenal form of value.
	www.marxist.com /Economy/theory_of_value_1.html (5534 words)

	Chapter Commodities of Das Kapital by Karl Marx
		But since x fling, y silk, or z gold &c., each represents the exchange- value of one quarter of wheat, x fling, y silk, z gold, &c., must, as exchange-values, be replaceable by each other, or equal to each other.
		The proportions in which they are exchangeable, whatever those proportions may be, can always be represented by an equation in which a given quantity of corn is equated to some quantity of iron: e.g.
		But the exchange of commodities is evidently an act characterised by a total abstraction from use-value.
	www.bibliomania.com /2/1/261/1294/24736/2.html (705 words)

	EconLog, Value and Exchange, Arnold Kling: Library of Economics and Liberty
		The exchange paradigm is the more complete theory of economics and therefore it will supercede the value paradigm.
		Exchange theory have a problem with Capital accumulation; it basically derives from Capital formation, and cannot establish permanence to the value.
		Value theory lacks explanation of the propellent behind economic movement.
	econlog.econlib.org /archives/2005/02/value_and_excha_1.html (650 words)

	'Marx’s Concept of Intrinsic Value' -- News & Letters, March 2004
		Kliman shows that it is just such a limited view that led many economists to attack Marx on the mistaken grounds that his value theory contained a fatal flaw: the so-called transformation problem in his account of the relationship between commodities’ values and their prices.
		Thus value is abstract human labor in its "coagulated form." As an objective property of a commodity it is DEAD labor.
		A worker who grasps that relationship and the intrinsic value it generates is on his way to forming the subject-to-subject relationships that can lead to the fundamental changes we sorely need.
	www.newsandletters.org /Issues/2004/March/Essay_Marchb04.htm (1859 words)

	FRB: H.10 Release--Summary Measures, Dollar Exchange Value--November 14, 2005
		The broad index is a weighted average of the foreign exchange values of the U.S. dollar against the currencies of a large group of major U.S. trading partners.
		The major currencies index is a weighted average of the foreign exchange values of the U.S. dollar against a subset of currencies in the broad index that circulate widely outside the country of issue.
		The OITP index is a weighted average of the foreign exchange values of the U.S. dollar against a subset of currencies in the broad index that do not circulate widely outside the country of issue.
	www.federalreserve.gov /releases/h10/Summary (347 words)

	[No title] (Site not responding. Last check: 2007-10-22)
		value, and are all valued according to the amount of the marginal
		exchange value, of its relation to value in use, and of the
		Natural value is one element in the formation of exchange value.
	publicpolicy.pepperdine.edu /academics/faculty/lloyd/projects/ifpetext/fwnv2.htm (9766 words)

	ipedia.com: Exchange value Article (Site not responding. Last check: 2007-10-22)
		In fact, one of his major themes (the theory of “commodity fetishism”) is that the system of commodity exchange that dominates capitalism obscures the class nature of that institution.
		In volumes I and II of Capital, Marx usually assumed that exchange values (and prices) were proportional to value.
		See labor theory of value, use value, value in economics.
	www.ipedia.com /exchange_value_1.html (456 words)

	Welcome to ValueLine.com
		Value Line, Inc., or its licensors, or its assignees, are the sole and exclusive owners of all right, title and interest, including trademarks, copyrights, patents, trade names, trade secrets and other intellectual property rights, in the Value Line® Information.
		In the event that any portion of this agreement is held to be unenforceable, the unenforceable portion shall be construed in accordance with applicable laws as nearly as possible to reflect the original intentions of the parties and the remainder of the provisions shall remain in full force and effect.
		Value Line Publishing, Inc.'s failure to insist upon or enforce strict performance of any provision of this agreement shall not be construed as a waiver of any provision or right.
	www.valueline.com /secure/vlrc/research.html (917 words)

	Thompson
		The materiality of value is abandoned for the abstraction of value in a hypostasized sublimation, a movement toward pure consciousness, convention - a trend that is perhaps consciousness itself, the institution of the arbitrary history.
		The lesson these passages from Defoe seem to affirm is that of the primacy of use value; as Marx points out in his commentary on the novel, exchange value has no bearing on a society of one.
		For Defoe's characters, exchange is never a routine transaction, and therefore a transparent of unself-conscious one - casually handing a vender some change - but because his protagonists are so often situated in marginal circumstances, exchange almost always takes place within a frame of peril.
	social.chass.ncsu.edu /wyrick/debclass/THOMP.HTM (2350 words)

	value on Encyclopedia.com
		It developed in opposition to David Ricardo 's earlier labor theory of value, which holds that the value of a good derives from the effort of production, based on supply.
		In the marginal theory of value, there is an exchange value, as Ricardo postulated, but there is also a use value, which signifies the utility of a given commodity for satisfying a human desire.
		Value innovation: passport to wealth creation: here are practical ways to help your company grow profitably.
	www.encyclopedia.com /html/v1/value2.asp (542 words)

	Optimize Magazine > Customer Relationships > Co-creating Value WIth Your Customers > January 2004 (Site not responding. Last check: 2007-10-22)
		Value creation, the central focus of managerial activity, is undergoing rapid change.
		The market was the exchange of this value from the producer to the consumer.
		The new assumptions are that she wants to be involved in constructing her own experience, and that her experience is the source of value.
	www.optimizemag.com /issue/027/customer.htm (1086 words)

	Scholastic Economics: Thomistic Value Theory (Site not responding. Last check: 2007-10-22)
		So, for example, for the hunter of two beavers who exchanges his catch for one deer, the value of the deer is measurable in terms of the labor expended in hunting the beavers.
		If this analysis is correct, then, despite his imprecise and scattered passages on exchange value, Saint Thomas was quite consistent with the subjectivism portrayed in the commonly accepted just-price doctrine and the notion of commutative justice of the Scholastics.
		With this narrow framework, Adam Smith is forced to characterize the value of the exchange in terms of the labor investment embodied in the goods.
	www.acton.org /publicat/randl/article.php?id=239 (2262 words)

	Exchange Value, Use Value, Symbolic Value (Site not responding. Last check: 2007-10-22)
		Exchange value: money the producer can get in the market selling goods and services; value the consumer gets buying goods and services.
		Use Value: value of the good or service in order to carry out a function (ex.
		Symbolic Value: social value of possessing, using, and displaying the service or commodity (ex.
	lilt.ilstu.edu /jhreid/foi/exchange_value_use_value.htm (256 words)

	Townhall.com :: Columns :: Faux foreign exchange signals by Jack Kemp (Site not responding. Last check: 2007-10-22)
		Countries that anchor the value of their currencies to a larger, relatively stable currency, such as the dollar and the euro, are wrongly accused by many world leaders of "manipulating" their currencies.
		Leaders who pressure countries with fixed exchange rates to allow their currencies to float freely on foreign exchange (Forex) markets aren't considering the inherent limitations of currency markets, and they fail to appreciate the economic havoc floating exchange rates create.
		The value of a nation's money is determined by its monetary policy (i.e., how much money it prints) and is reflected in changes in the prices of commodities, most especially gold.
	www.townhall.com /columnists/jackkemp/jk20050329.shtml (900 words)

Try your search on: Qwika (all wikis)