According to Marx, all commodities have both a use value and an exchange value. The exchange value is determined by the amount of labor power required to produce any particular object. Further, it is based on a quantitative measuring of the relations among all of the commodities available within a given market. This quantitative measurement is related to the amount of labor power it contains. The exchange value increases as the difficulty of the labor increases and/or as the training required to perform the labor increases.
G. Scott Harrison
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