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Essay / Research Paper Abstract
This 5 page paper focuses on Marx's economic theory using Capital Volume One. Some quotes are included. No additional sources cited.
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5 pages (~225 words per page)
File: RT13_SA318Mrx.rtf
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the same, Marx contends that there is a dual nature of the commodity. Some may ask why Marx considers the difference between use and exchange value so important. Marx sees
that the exchange value of goods as equivalent to what goes into making the goods. For example, people pay perhaps $30 for a restaurant meal. Although the sum of the
meals parts, or the ingredients bought at wholesale prices, may be equivalent to $5 perhaps there is more that goes into that meal than its ingredients. However, one must pay
more because of the cost of production by staff as well as the cost of overhead. However, use value is different. Suppose someone is not happy with the meal. They
ordered a particular dish and did not like the taste. It was a waste of $30 and not at all worthwhile. The money exchanged for the meal was not worth
the cost in terms of use value. On the other hand, if the person enjoyed the meal so much they feel they have never had a better steak, it is
well worth the $30. Perhaps a better example is someone who drives around in an old car. They perhaps could only get $500 for it on the market as
automobiles depreciate and this car is about 15 years old. However, the use value is much greater than the exchange value because if the individual were to buy a new
car, it might cost them $500 per month. However, they have transportation equivalent to no set monthly payment, but most importantly is that the use value is greater than the
exchange value. The car is worth more than $500 in terms of use to the individual. In Capital, Marx claims: "Every owner of a commodity wishes to part with it
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