Distinguishes between use value and exchange value

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In the opening chapters of Capital, Marx begins with the commodity and grapples with a qualitative value question AND a quantitative value question. Alternatively, he distinguishes between use value and exchange value. He also, however, identifies labor with “value” and the duration of socially necessary abstract labor time with value’s magnitude. Your essay should first explain the difference between use and exchange value and then explain (the much more important) distinction between exchange value (or, price) and “value” (understood in the sense just described, i.e., as socially necessary abstract labor time). 3. In the opening chapters of Capital, Marx carefully differentiates between useful/concrete labor and abstract labor. Explain this distinction and explain why it is important to Marx’s theoretical project. Explain how it is that labor is involved in the constitution of value and what transformation of labor is required to find the standard/measure of value.

Reference no: EM131071667

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