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The Two Factors Of Commodities:
- Use-value
- Exchange-value
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MORE IDEAS ON THIS
The wealth of societies in which the capitalist mode of production prevails appears as an 'immense collection of commodities'; the individual commodity appears as its elementary form
KARL MARX
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70 reads
Exchange-value
Exchange-value appears as the proportion in which a use-value of one kind is exchanged for a use-value of another kind, e.g. a certain quantity of wheat for a certain quantity of iron.
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Use-value
Use-value of a commodity is the aspect of a thing that satisfies human needs.
It makes no difference what the nature of the need is or how the commodity satisfies it.
A thing can also be useful in more than one way, depending on what is known about it.
Use-values constitute the ...
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CURATED FROM
IDEAS CURATED BY
Learn about the two aspects of commodities.
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Related collections
Other curated ideas on this topic:
Definition hyper-inflation
Hyperinflation is generally considered to occur when inflation is greater than 1000%.
With hyperinflation, money loses its value so rapidly that nobody wants to use it as a medium of exchange.
Nothing is more useful than water: but it will scarcely purchase anything.
A diamond on the contrary has scarcely any
use-value but a very great quantity of
other goods may frequently be had in
ADAM SMITH, DIAMOND WATER PARADOX
The value of NFTs
NFTs have no physical or tangible value. The technology of NFTs codifies and enforces a metric of scarcity on a digital file.
- Functional value (What can I use this for?)**:** Most of the discussion around NFTs is about how you will use the ...
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