Through the medium of money, men continually exchange the most varied
commodities and services. A ceaseless buying and selling, an
uninterrupted series of exchanges of things, and labour power--this
constitutes the essential part of human relations in capitalistic
society. An economic map of these relations, graphically displayed,
would not be less confusing than an astronomical map which exhibited
the manifold and intersected orbits of the heavenly bodies. And yet
there must be some rule or law which operates in this seeming medley
of movements; for men do not work or exchange their goods by hazard,
like savages who give their entire lumps of gold or rough diamonds for
a necklace of glass pearls. The English and French economists in the
seventeenth, eighteenth, and nineteenth centuries, amongst whom Petty
(1623-87), Quesnay (1694-1759), Adam Smith (1723-96), and Ricardo
(1772-1823) were the most original, sought for the laws which
regulated exchange operations, and their theories were designated by
Marx as classical bourgeois economy. Following up their
investigations, Marx declared: Every commodity, that is, every thing
or good produced under Capitalism and brought to the market possesses
a use value and an exchange value.
The use value is the utility of the commodity to satisfy a physical or
mental need of its user: a commodity without use value is not
exchangeable or saleable. As use values, commodities are materially
different from each other; nobody will exchange a ton of wheat for a
ton of wheat of the same kind, but he will for clothes.
In what measure will commodities exchange with one another? The
measure is the exchange value, and this consists in the trouble and
quantity of labour which the production of a commodity costs. Equal
quantities of labour are exchanged with each other on the market. As
exchange values, as the embodiment of human labour, commodities are
essentially equal to each other, only quantitatively are they
different, as different categories of commodities embody different
quantities of labour. It is obvious that the quantities of labour will
not be calculated according to the working methods of the individual
producers, but according to the prevailing social working methods.
If, for example, hand-weaver A requires twenty hours for the
production of a piece of cloth, which in a modern factory will be
produced in five hours, the cloth of the hand-weaver does not
therefore possess four-fold exchange value. If hand-weaver A demands
of consumer B an equivalent of twenty working hours, B answers that a
similar piece of cloth can be produced in five hours, and therefore it
only represents an exchange value of five working hours. Thus,
according to Marx, the exchange value of a commodity consists in the
quantity of socially necessary labour power which its reproduction
would require.
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