1. The Theory Of Money And The Theory Of Value
... as degenerate monetary transactions, in which the parties estimate the abstract value of their respective products, and finding them equal, or nearly equal, are able to avoid transferring money itself. Marx regards value, the general power of exchangeability that resides in commodities, as an expression of the labor expended in the production of the commodities. If we use the word "labor" for the more accurate ... any produced commodity. What is problematic in this situation is that gold is simultaneously a concrete commodity with its own conditions of production and non- monetary use v...
- Word Count: 5092
- Approx Pages: 20
- Grade Level: Undergraduate