According to Marx, commodities are essential components in society. He states that commodities are either purchased as a need or want and defines use value and the exchange value of a commodity. With the use value, the amount of labor put into a product is essential and with the exchange value, it is what makes our society function; it is how products are purchased. Use value is the utility of an object, or in other words, the primary functions of an object and the exchange value is how much value an object holds. A good way to explain this is to think of a wooden chair. The use value of the chair is being able to sit on it. The exchange value of the chair determines the price of the chair, which can vary from whether the chair was made out of pine or oak, or what type of finish the chair has. As you can see the exchange value and use value differ entirely, however the use value does affect the product’s exchange value. For example, you are trying to sell a chair made from oak wood with dark finish, however, one of the legs on the chair is broken. No one will purchase the chair because now that makes the product useless therefore giving the chair neither use value nor exchange value.
The big deal about use value and exchange value makes sense to some, but to others it does not. As I stated in my previous example, no one wants a product with no use-value regardless of what the exchange value is. Some people make such a fuss about what special features a product might have and will ignore whether the product can function appropriately for what it was intended to do. The use value and exchange value goes really well with electronics in our society. Many people may buy a particular brand just because it is known to be an expensive brand and if people notice them with that brand, then it would automatically make others assume they are cool and/or have money.
The exchange value can also be known as the monetary value. The reason for this is that the exchange value only exists because when people purchase an item, more than likely, it is with money. Money is the only sure way of stating that a product has value. On the other hand, if you abide by the barter system, you would be just trading an item with another item that you believe has a similar value.
Karl Marx discusses exchange value and use value as two different values that are also dependent on each other. Both values coexist in a capitalist society in order for it to function properly and, in a way, both values include some type of labor; whether it is the worker creating the product or a person selling the product in a store. In a different view, it’s actually one big cycle; the worker makes the product, which then gets shipped to the warehouse, workers package the item then send it the a store, where an associate sells the item, which a customer buys with the money (labor) they worked for. Like, I said exchange value (monetary value) is what drives our society.
The big deal about use value and exchange value makes sense to some, but to others it does not. As I stated in my previous example, no one wants a product with no use-value regardless of what the exchange value is. Some people make such a fuss about what special features a product might have and will ignore whether the product can function appropriately for what it was intended to do. The use value and exchange value goes really well with electronics in our society. Many people may buy a particular brand just because it is known to be an expensive brand and if people notice them with that brand, then it would automatically make others assume they are cool and/or have money.
The exchange value can also be known as the monetary value. The reason for this is that the exchange value only exists because when people purchase an item, more than likely, it is with money. Money is the only sure way of stating that a product has value. On the other hand, if you abide by the barter system, you would be just trading an item with another item that you believe has a similar value.
Karl Marx discusses exchange value and use value as two different values that are also dependent on each other. Both values coexist in a capitalist society in order for it to function properly and, in a way, both values include some type of labor; whether it is the worker creating the product or a person selling the product in a store. In a different view, it’s actually one big cycle; the worker makes the product, which then gets shipped to the warehouse, workers package the item then send it the a store, where an associate sells the item, which a customer buys with the money (labor) they worked for. Like, I said exchange value (monetary value) is what drives our society.
Erika Coleman discussed Marx’s concept of commodities and exchange and use value. She came up with her own example by the use of a chair. She says that it does not matter if the chair is pine or oak; what does matter is the chair being useful. The chair being made out of pine or oak helps with the exchange value.
This made me think about cell phones. I personally do not have a smart phone. I am however hoping that in the near future I will get one. Thinking about Marx’s concept of use value, my phone works just fine. I can call or text people without having any trouble. Smart phones also have the same basic features as mine but they also offer added things to a regular cell phone which makes there exchange price a lot higher than my phone.
Cynthia Aynilian
This made me think about cell phones. I personally do not have a smart phone. I am however hoping that in the near future I will get one. Thinking about Marx’s concept of use value, my phone works just fine. I can call or text people without having any trouble. Smart phones also have the same basic features as mine but they also offer added things to a regular cell phone which makes there exchange price a lot higher than my phone.
Cynthia Aynilian