Chapter
Understanding Use Value and Exchange Value.
52:44 - 58:48 (06:04)
The terms "use value" and "exchange value" are used in the Marxist theory of labor to distinguish between the inherent value of a commodity for its usefulness (use value) versus its ability to be traded in the market for other commodities (exchange value).
Clips
The concept of marginal utility is a caricature of how price is set in a capitalist economy.
52:44 - 54:02 (01:18)
Summary
The concept of marginal utility is a caricature of how price is set in a capitalist economy. Instead, Marx believed that profit came from the surplus of value hours a worker produced by working in a factory for longer than what it took to make the means of subsistence. However, he made a mistake by assuming that a worker's utility was derived solely from their need to make a living, ignoring the additional benefits they received from being employed in a factory.
ChapterUnderstanding Use Value and Exchange Value.
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
The buyer in a factory situation is a capitalist who pays the exchange value of the commodity, which has two characteristics: use value and exchange value.
54:02 - 55:33 (01:30)
Summary
The buyer in a factory situation is a capitalist who pays the exchange value of the commodity, which has two characteristics: use value and exchange value. In the case of a worker, their labor is a commodity with both use value and exchange value.
ChapterUnderstanding Use Value and Exchange Value.
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
This episode explores how Marx's theory of value and money can be used to understand capitalism and the motivations of capitalists.
55:34 - 58:48 (03:13)
Summary
This episode explores how Marx's theory of value and money can be used to understand capitalism and the motivations of capitalists.