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Karl Marx's "Capital" Vol. 1 (Part 1/4)

Theory & Philosophy

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Exchange Value - The Most Simple Form of Exchange

Value is going to be related to the socially necessary labor power that went into it. Value of two coats can get you a 20 pieces of linen. If they doubled in value, then there would be a doubling in the amount of labor for both. So if i were to flip the equation and i say, one coat is equal to 20 yards of linen, then it would be reversed. It wouldn't actually change the relationship between the two or tell us anything about what actually happened in that arrangement. We can only figure out a difference in value, or change in value by introducing a third item.

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