Value and exchange value

marquit at physics.spa.umn.edu marquit at physics.spa.umn.edu
Sat Aug 5 18:49:26 MDT 1995


A correction to Jerry's formulation of exchange value. Exchange value,
or value, is not a phenomenological form (appearance). It is really
part of the essence of a commodity. Price is the phenomenological
form. Because of the differences in the organic composition of
capital, value does not manifest itself directly. This is why
bourgeois economy has no use for exchange value (not having a
theory of value) and restricts itself to price.

Erwin Marquit
marquit at physics.spa.umn.edu


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