The concept of value needs to be understood to fundamentally understand the meaning and the rational behind the theories proposed by Marx. To understand the concept behind use value and the exchange value, there is a need to understand how the concept of value was considered by Marx (Morishima, 1973). To explain with an example, I quarter of wheat is a concrete tangible form of measurement. If this has been bartered for silk or coins that becomes the exchange value of the products. This is a very simplistic definition. Marx divulges into detailed account as to what constitutes a product. Marx states that the exchange value of the product is not only considered to contain the quantitative aspect of the products. There was a concept of value that was parallel with the concept of exchange value of the product.
It has been found that in the theories and hypothesis which has been postulated by Marx, there was no clear definitions as to the notion of exchange value and the exact value of the products. In the theories, Marx general starts analysis with the use value of the product, then shift towards the exchange value of the product which was passed directly to value. This was termed as “Taushwert” by Marx (Marx, 1964). This transition seems to be a logical transition according to Marx.
It has been found that Marx does not factor in any individual cases of equalization for the commodity from one aspect to another. The starting point of the argument is that the statement is a well-known fact about the commodity of the product which can be equalized with each other. This in fact is provided to the given commodity and is equalized with each other. The given commodity is thus equated with an infinity towards other commodities. To explain clearly, the starting point analysis of Marx reasoning is that there is a concrete structure of the commodity pricing and economy (Peters, Pierre, and Stoker, 2010). These two factors are not purely logical in comparison with each other. There are some tacit assumptions that Marx formulates with a number of other phases.
In the same example, there is assumption that the quarter of wheat is somehow calculated by some kinds of regularity. This assumption regularity between these different acts of exchange is that there is a dependence on the processes which are associated with the production of this process. There is a need to reject this concept that the wheat can be bartered for another arbitrary quality of another tangible commodity. An universal assumption cannot be reached about the exchange transaction between the commodities. Based on these arguments, the following form can be assumed.
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