Difference between revisions of "Value"

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(A thing cannot have value, if it is not a useful article)
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'''Value''' is the relative [[worth]] of a [[commodity]] in exchange for other commodities.
 
'''Value''' is the relative [[worth]] of a [[commodity]] in exchange for other commodities.
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[[Free market]] economists agree with [[Karl Marx]] in one respect: "A thing cannot have value, if it is not a useful article. If it is not useful, then the labor it contains is also useless, does not count as labor and hence does not create value" [http://www.thefreemanonline.org/columns/tgif/progressive-intolerance/]
  
 
[[category:economics]]
 
[[category:economics]]

Revision as of 11:58, 20 August 2011

Value is the relative worth of a commodity in exchange for other commodities. Free market economists agree with Karl Marx in one respect: "A thing cannot have value, if it is not a useful article. If it is not useful, then the labor it contains is also useless, does not count as labor and hence does not create value" [1]