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Exchange value, the Glossary

In political economy and especially Marxian economics, exchange value (Tauschwert) refers to one of the four major attributes of a commodity, i.e., an item or service produced for, and sold on the market, the other three attributes being use value, economic value, and price.^[1]

41 relations: Aristotle, Commodification, Commodity (Marxism), Commodity fetishism, Countertrade, Das Kapital, David Ricardo, Dialectic, Division of labour, Economic equilibrium, Foreign exchange market, Intellectual property, Karl Marx, Labor theory of value, Labour power, Law of value, Market (economics), Marxian economics, Natural economy, Neoclassical economics, On the Principles of Political Economy and Taxation, Paradox of value, Political economy, Price, Prices of production, Proportionality (mathematics), Real prices and ideal prices, Relations of production, Semantics, Sign value, Social, Socially necessary labour time, Surplus product, Surplus value, Transformation problem, Unequal exchange, Use value, Utility, Value (economics), Value-form, Western Europe.
Classical economics

Aristotle

Aristotle (Ἀριστοτέλης Aristotélēs; 384–322 BC) was an Ancient Greek philosopher and polymath.

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Commodification

Commodification is the process of transforming inalienable, free, or gifted things (objects, services, ideas, nature, personal information, people or animals) into commodities, or objects for sale.

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Commodity (Marxism)

In classical political economy and especially Karl Marx's critique of political economy, a commodity is any good or service ("products" or "activities") produced by human labour and offered as a product for general sale on the market. Exchange value and commodity (Marxism) are Marxian economics.

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Commodity fetishism

In Marxist philosophy, the term commodity fetishism describes the economic relationships of production and exchange as being social relationships that exist among things (money and merchandise) and not as relationships that exist among people. Exchange value and commodity fetishism are Marxian economics.

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Countertrade

Countertrade means exchanging goods or services which are paid for, in whole or in part, with other goods or services, rather than with money.

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Das Kapital

Capital: A Critique of Political Economy (Das Kapital.), also known as Capital and Das Kapital, is a foundational theoretical text in materialist philosophy and critique of political economy written by Karl Marx, published as three volumes in 1867, 1885, and 1894.

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David Ricardo

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, politician, and member of the Parliament of Great Britain and Ireland.

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Dialectic

Dialectic (διαλεκτική, dialektikḗ; Dialektik), also known as the dialectical method, refers originally to dialogue between people holding different points of view about a subject but wishing to arrive at the truth through reasoned argumentation.

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Division of labour

The division of labour is the separation of the tasks in any economic system or organisation so that participants may specialise (specialisation).

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Economic equilibrium

In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Foreign exchange market

The foreign exchange market (forex, FX (pronounced "fix"), or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies.

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Intellectual property

Intellectual property (IP) is a category of property that includes intangible creations of the human intellect.

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Karl Marx

Karl Marx (5 May 1818 – 14 March 1883) was a German-born philosopher, political theorist, economist, historian, sociologist, journalist, and revolutionary socialist.

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Labor theory of value

The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. Exchange value and labor theory of value are classical economics and Marxian economics.

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Labour power

Labour power (Arbeitskraft; force de travail) is the capacity to do work, a key concept used by Karl Marx in his critique of capitalist political economy. Exchange value and Labour power are Marxian economics.

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Law of value

The law of the value of commodities (German: Wertgesetz der Waren), known simply as the law of value, is a central concept in Karl Marx's critique of political economy first expounded in his polemic The Poverty of Philosophy (1847) against Pierre-Joseph Proudhon with reference to David Ricardo's economics. Exchange value and law of value are Marxian economics.

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Market (economics)

In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange.

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Marxian economics

Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought.

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Natural economy

Natural economy is a type of economy in which money is not used in the transfer of resources among people.

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Neoclassical economics

Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. Exchange value and Neoclassical economics are classical economics.

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On the Principles of Political Economy and Taxation

On the Principles of Political Economy and Taxation (19 April 1817) is a book by David Ricardo on economics.

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Paradox of value

The paradox of value (also known as the diamond–water paradox) is the contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market.

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Political economy

Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government).

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Price

A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services.

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Prices of production

Prices of production (or "production prices"; in German Produktionspreise) is a concept in Karl Marx's critique of political economy, defined as "cost-price + average profit". Exchange value and prices of production are Marxian economics.

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Proportionality (mathematics)

In mathematics, two sequences of numbers, often experimental data, are proportional or directly proportional if their corresponding elements have a constant ratio.

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Real prices and ideal prices

The distinction between real prices and ideal prices is a distinction between actual prices paid for products, services, assets and labour (the net amount of money that actually changes hands), and computed prices which are not actually charged or paid in market trade, although they may facilitate trade. Exchange value and real prices and ideal prices are Marxian economics.

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Relations of production

Relations of production (Produktionsverhältnisse) is a concept frequently used by Karl Marx and Friedrich Engels in their theory of historical materialism and in Das Kapital.

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Semantics

Semantics is the study of linguistic meaning.

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Sign value

In sociology and in economics, the term sign value denotes and describes the value accorded to an object because of the prestige (social status) that it imparts upon the possessor, rather than the material value and utility derived from the function and the primary use of the object.

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Social organisms, including human(s), live collectively in interacting populations.

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Socially necessary labour time in Marx's critique of political economy is what regulates the exchange value of commodities in trade. Exchange value and Socially necessary labour time are Marxian economics.

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Surplus product

Surplus product (Mehrprodukt) is a concept theorised by Karl Marx in his critique of political economy. Exchange value and Surplus product are Marxian economics.

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Surplus value

In Marxian economics, surplus value is the difference between the amount raised through a sale of a product and the amount it cost to manufacture it: i.e. the amount raised through sale of the product minus the cost of the materials, plant and labour power. Exchange value and surplus value are Marxian economics.

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Transformation problem

In 20th-century discussions of Karl Marx's economics, the transformation problem is the problem of finding a general rule by which to transform the "values" of commodities (based on their socially necessary labour content, according to his labour theory of value) into the "competitive prices" of the marketplace. Exchange value and transformation problem are Marxian economics.

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Unequal exchange

Unequal exchange is used primarily in Marxist economics, but also in ecological economics (more specifically also as ecologically unequal exchange), to describe the systemic hidden transfer of labor and ecological value from poor countries in the imperial periphery (mainly in the Global South) to rich countries and monopolistic corporations in the imperial core (mainly in the Global North) due to structural inequalities in the global economy. Exchange value and unequal exchange are Marxian economics.

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Use value

Use value (Gebrauchswert) or value in use is a concept in classical political economy and Marxist economics. Exchange value and use value are classical economics and Marxian economics.

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Utility

In economics, utility is a measure of the satisfaction that a certain person has from a certain state of the world.

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Value (economics)

In economics, economic value is a measure of the benefit provided by a good or service to an economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit.

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Value-form

The value-form or form of value (Wertform) is a concept in Karl Marx's critique of political economy. Exchange value and value-form are Marxian economics.

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Western Europe

Western Europe is the western region of Europe.

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References

[1] https://en.wikipedia.org/wiki/Exchange_value

Also known as Exchange ratio, Exchange-value.

Exchange value, the Glossary

Table of Contents

See also

Classical economics

References