exchange value; proportion in exchange
Meanings
2 senses · 6 examplesnoun
exchange value; quantitative proportion at which one commodity trades for another
formalA key concept in political economy (e.g., Marxian economics). It is the external, quantitative manifestation of the underlying 'value' of a commodity.
In primitive trade, the exchange value of one axe might be twenty jin of grain.
The emergence of currency gave the exchange value of commodities a unified form of expression.
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Economists study market laws by analyzing exchange value.
The exchange value of a commodity fluctuates with changes in supply and demand.
noun
the form of appearance of a commodity's value
formalThis definition is more abstract and theoretical, distinguishing the visible exchange ratio from the underlying labor value. It is central to the labor theory of value.
Marx believed that exchange value is the necessary form of appearance of value.
Understanding the distinction between value and exchange value is fundamental to studying political economy.