The Partially Examined Life Philosophy Podcast Ep. 360: Karl Marx on Economic Value (Part One)
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Feb 3, 2025 Dive into the intricacies of economic value as seen through Marx's 'Das Kapital.' Discover the crucial role of labor in determining what makes commodities valuable and how mechanization impacts this balance. Explore the distinctions between use value and exchange value, shedding light on the ethical implications of labor in capitalism. The conversation also tackles consumer perceptions, the historical context of economic exchange, and the evolving relationship between workers and employers in today's market.
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Marx's Critique of Mercantilism
- Marx reacted to the rise of mercantilism, where exchange (trade) adds value.
- The division of labor and specialization increase the standard of living through cooperative exchange.
Understanding Use Value
- Use value is the ability of a thing to satisfy human needs, determined by its physical properties.
- It's independent of the labor required to produce it and is realized in consumption.
Non-Fungibility of Use Value
- Use value is not fungible because it's tied to specific qualities of a commodity.
- Different uses are not quantitatively comparable; a hammer isn't 'twice as useful' as a screwdriver.
