Here is the synopsis of our sample research paper on The Idea of Exchange According to Marx and Smith
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Essay / Research Paper Abstract
This 7 page paper examines ideas from Adam Smith and Karl Marx related to the value of things. Within the context of this paper it is suggested that the principle of exchange for Smith and Marx's critiques on the exchange value, provide a new way to look at money and work. Several creative examples are provided.
Bibliography lists 3 sources.
Page Count:
7 pages (~225 words per page)
File: RT13_SA632Smt.rtf
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Unformatted sample text from the term paper:
each representing a worth or value. People think of money differently and they can easily do so. People have different orientations towards money, and while that is the case, when
exploring the attitudes of theorists like Karl Marx and Adam Smith, it seems that money takes on a new meaning. The principle of exchange for Smith and Marxs critiques on
the exchange value, provide a new way to look at money and work. For both theorists money and work are inextricable. The power to purchase other goods, is a
value in exchange, and according to Smith, the true cost of any item is the toil one had put in for it (Paul, 2006). The implication of that is that
once an item is put up for sale, "the regnant principle of exchange value is the labor-purchase theory of value" (Paul, 2006). Labor is discussed as being tied to the
value of an item whether it was the original labor used to secure the item, or the labor used to sell it (Paul, 2006). In any event, at the
end of the day, labor is "both the cause and measure of value" (Paul, 2006). Marxs exchange value goes to the idea that something being exchanged is worth what it
can be traded for. It is explained that "the exchange value of a commodity is for Marx not identical to its price, but represents rather what (quantity of) other commodities
it will exchange for, if traded" ("Exchange Value," 2006). Money is used simply as a mechanism to exchange things ("Exchange Value," 2006). Marx (1867) writes: "Exchange-value appears first of all
as the quantitative relation, the proportion, in which use-values of one kind exchange for use-value of another kind. This relation changes constantly with time and place" (p.126).
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