The Partially Examined Life Philosophy Podcast Ep. 360: Karl Marx on Economic Value (Part Two)
Feb 10, 2025
Dive deep into Marx’s theory of value, distinguishing between use value and exchange value. Explore the historical journey of money from barter systems to paper currency, and how labor shapes economic value. Discover the concept of commodity fetishism and its implications in capitalism. The discussion challenges traditional views on labor and highlights the significance of unpaid work. Unpack the social construction of value and the philosophical tensions around commodities that illuminate contemporary economic issues.
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Use-Value as Metaphor for Exchange-Value
- Marx argues that commodities' value doesn't derive from labor time directly.
- Instead, a commodity's use-value becomes a metaphor, signifying the other commodity's abstract value.
Why Money Simplifies Exchange
- Labor time is difficult to use as a direct measure of value due to variations in skill and labor type.
- Money simplifies exchange by providing a common yardstick, unlike bartering systems where wants must coincide.
Barter Economies and Coincidence of Wants
- Economists believe barter economies were rare; societies used credit or commodity currencies like pelts.
- Bartering requires a "coincidence of wants," making it impractical for complex exchanges.
