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Proportion of worth at which a commodity can be traded for other commodities
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In political economy and especially Marxian economics, exchange value (German: 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] Thus, a commodity has the following:
a value, represented by the socially necessary labour time to produce it (Note: the first link is to a non-Marxian definition of value);
a use value (or utility);
an exchange value, which is the proportion at which a commodity can be exchanged for other entities;
a price (an actual selling price, or an imputed ideal price).
These four concepts have a very long history in human thought, from Aristotle to David Ricardo,[2] and became more clearly distinguished as the development of commercial trade progressed but have largely disappeared as four distinct concepts in modern economics.
This entry focuses on Karl Marx's summation of the results of economic thought about exchange value.
^Howard Nicholas, Marx's theory of price and its modern rivals. London: Palgrave Macmillan, 2011.
^David Ricardo ( 1817 ) On the Principles of Political Economy and Taxation
In political economy and especially Marxian economics, exchangevalue (German: Tauschwert) refers to one of the four major attributes of a commodity, i...
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value theory involves various approaches that examine how, why, and to what degree humans value things and whether the object or subject of valuing is...
commodities. Accordingly, in addition to having use value, commodities must have an "exchangevalue"—a value that could be expressed in the market. Prior to...
floating exchange rate (also known as a fluctuating or flexible exchange rate) is a type of exchange rate regime in which a currency's value is allowed...
as the ratio of the "normalized ExchangeValue of Currency i against the US dollar" to the normalized exchangevalue of the "benchmark currency basket"...
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intrinsic value (commodity money), or be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat...
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Fixed (or pegged) exchange rate regimes, exist when a country sets the value of its home currency directly proportional to the value of another currency...
lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the...
of a surplus-value or profit. It is true that Marx argues no net additions to value can be created through acts of exchange, economic value being an attribute...
exchangeability of huge amounts of legacy silver coins into gold at the fixed rate (rather than valuing publicly held silver at its depreciated value)...
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