Exchange value
The exchange value - or relative price - defines the rate to which a Marchandise is exchanged. For example, a ton of cotton is exchanged against 200 kilos of cotton jacket. The exchange value, is relative to another good, the Practical value as for it is relating to the need (it is subjective).
History
The distinction Practical value/exchange value comes from Aristote. It then passed in the pools of the political economy, Adam Smith reconsidering, for example, the distinction in its Richesse of the nations .
The exchange value according to the Marxism
Marx develops in book I of the Capital its theory of value, according to which all Marchandise has an exchange value and a practical value.
The practical value is the concrete Utilité well . It is given by the nature and the quantity of the goods.
The exchange value is a property of the goods which make it possible to confront it with other goods on the market for the échange.
Cf. the Marxist thought
Bonds
- Practical value
- natural Value
- Actual value
- political economy
- History of the economic thinking
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