[Xmca-l] Difference between "Value" and "Exchange Value".

[Harshad Dave]

Hi,

Here I copy paste the words/para taken from "Value, Price and Profit" by
Karl Marx.

*"At first sight it would seem that the value of a commodity is a thing
quite relative, and not to be settled without considering one commodity in
its relations to all other commodities. In fact, in speaking of the value,
the value in exchange of a commodity, we mean the proportional quantities
in which it exchanges with all other commodities. But then arises the
question: How are the proportions in which commodities exchange with each
other regulated? We know from experience that these proportions vary
infinitely. Taking one single commodity, wheat, for instance, we shall find
that a quarter of wheat exchanges in almost countless variations of
proportion with different commodities. Yet, its value remaining always the
same, whether expressed in silk, gold, or any other commodity, it must be
something distinct from, and independent of, these different rates of
exchange with different articles. It must be possible to express, in a very
different form, these various equations with various commodities.*
*Besides, if I say a quarter of wheat exchanges with iron in a certain
proportion, or the value of a quarter of wheat is expressed in a certain
amount of iron, I say that the value of wheat and its equivalent in iron
are equal to some third thing, which is neither wheat nor iron, because I
suppose them to express the same magnitude in two different shapes. Either
of them, the wheat or the iron, must, therefore, independently of the
other, be reducible to this third thing which is their common measure."*

If you go through the views of Marx expressed on *Value *while exchanging
*wheat* against *iron *you will feel that Marx expresses it with
difficulty. I think this complexity emerges only because economists of the
time (perhaps even of present time) could not differentiate between *value*
and *exchange value.* It is a serious mistake to grasp *value* through
*exchange* *value.* It is the most unfortunate part that the word/phrase "
*Exchange* *value*" incorporates the word "*Value*" and it, perhaps,
misleads us.

I have tried to explain exactly this difference in my articles on following
web links.

I will be thankful if I receive your views on the same.

The Web Links:

[1]


Article: "Exchange Value"


Journal Link: *http://armgpublishing.sumdu.edu.ua/journals/fmir/current-issue-of-fmir/
<http://armgpublishing.sumdu.edu.ua/journals/fmir/current-issue-of-fmir/>*


Article Link: *http://armgpublishing.sumdu.edu.ua/journals/fmir/volume-2-issue-2/article-6/
<http://armgpublishing.sumdu.edu.ua/journals/fmir/volume-2-issue-2/article-6/>*

[2]

Article: "The Constitution of Value" [Explained in short]

Short form: https://www.academia.edu/35947903/Constitution_of_value_ACADEMIA

Article: "The Constitution of Value" [Explained elaborately]

https://www.academia.edu/35885621/An_Introduction_to_the_constitution_of_value._Part_1_Constitution_of_Use_Value_Value_and_Forms_of_Value._Preamble


Regards,



Harshad Dave
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