In the exchange value of a thing or an achievement expresses itself according to the theory of Karl Marx in it socially necessary work time (work value).

Marx speaks also of value forms, their logical and historical development of the simple value form (commodity A is an equivalent quantity of commodity B) up to the form of a general equivalent (the money) he in the 1. Chapter of the 1. Volume of its Hauptwerks, which "capital" develops, in detail.

The value in use lies in the characteristics of a commodity justified and can be different for each person. On the other hand the value in use is insignificant with the exchange value of a commodity, because it is the straight abstraction (foreseeing) of their different "usefulnesses", which characterize the exchange ratio of the goods. If one regards the exchange relationship first as such, without its quantity determined in each case, it is noticeable evenly that a value in use is as good as another:

At the perhaps usual market exchange relationship of 5 bread = first equating bread = shirt independent of the quantitative exchange relationship A = B) is to be explained to 1 shirt remarkably and.

These goods must have a common characteristic, which makes them comparable. Marx found this community in in all goods contained the "abstractly human work", to the "work absolutely", in the sense of spending of brain, muscle and nerve. That leads over to the next realization:

Not only the commodity has thus two sides, the value in use and the exchange value. Marx concludes that also those has the goods underlying work a double character, i.e. the concretely useful work, which create a certain value in use, thus e.g. a geschreinerten table, as certain work, thus e.g. as carpenter work, and the abstract work (the work expended), which determine the exchange value of a product.

When measure is possible for this abstract work only the duration of their spending, because if one refrains from all concrete regulations of the working process, different working processes differ only in their duration. The size of the value of a certain commodity therefore certainly by too their production necessary work time.

This may not be understood in such a way, as if the exchange value can become "computed" now by the work time contained in a commodity. Marx does not deny on the one hand the influence of supply and demand on the price of a commodity, he wants with his value theory rather the "gravitation center" of the prices to explain. On the other hand he explains in the third volume of the capital, to what extent also that does not have to be necessarily identical the exchange values underlying gravitation center of the prices by any means with the work time contained in the goods (theory of the production prices).

At all it concerns with the category of the exchange value around more than the explanation of a bare (price) quantity: In the section over the so-called "Fetischcharakter of the commodity" in Marxens "capital" finally clear that the category of the exchange value contains a qualitative side, a criticism at the production form, in "humans the social characters of their own work becomes as characters of the work products themselves, when social nature characteristics of these things" (Marx, MEW 23.86) to appear. The exchange value develops, because the producers are mutually exclusive as private producers from their actually social products. Humans exchange their products not, because they would be forced because of division of labor to it - that would be the view of the civil economics. It is after Marx the specifically civil form of the division of labor, which leads to the fact that the products, which are products of a social work nevertheless with the price tag sticking at them are again denationalized a private form - even the value form! - get.

Today the largest part of the economists assumes that that the value of a commodity fastens itself at the scarceness, see price. Perfectly undisputedly is still not this question however. The explanation of the exchange value from the quantity in work time (work value teachings), in a commodity, forms the basis for the explanation of the so-called increase in value from the work time, which a worker carries out not for itself, but for his capitalist. The question, which the exchange value is, is thus just as disputed as the question whether the profit of the capitalists is based on the exploitation of the workers.

See also

• Work value theory
• Value law

Related links

• The capital, 1. Chapter, 3. Section: The value form or the exchange value

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