Thursday, December 8, 2011

Karl Marx. Capital Vol One Ch3 Sec1

The measures of values

Marx spends his time comparing money to what money symbolizes, gold. Gold is a commodity but has a special role to be a commodity of value. Money is just an abstraction of gold and is based off the weight of gold.

Marx also points out that although a commodity is priced in gold, the gold is not in the commodity (unless it's gold). So this value is abstract until you exchange it for gold.

And of course the value of a commodity is an abstraction of the labor used to take from nature and make a product that otherwise wouldn't exist. Marx also says that something that isn't a commodity can have a price but it doesn't have a value. He gives the example of a manicured field that someone can purchase for farmland. The field does not have any labor put into it yet.

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