Exchange Value

Definition of Exchange Value

The Canada social science dictionary [1] provides the following meaning of Exchange Value: In Marxian analysis the theoretical value of any commodity exchanged or sold in the market place is the amount of socially necessary labour time embodied in it. In actual market conditions, the money or equivalent paid for a commodity (the price) may differ from the value of the commodity although, in a perfectly working market, price and value would be identical. It is the unique characteristic of capitalism that the great majority of goods and services are produced to be sold, rather than for their immediate use value to the producer. In less modern economies, the production of commodities took place only in limited sectors and most production was for use values. See: LABOUR THEORY OF VALUE in this legal dictionary and in the world encyclopedia of law.

Exchange Value: Resources

Notes and References

• Drislane, R., & Parkinson, G. (2016). (Concept of) Exchange Value. Online dictionary of the social sciences. Open University of Canada