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Karl Marx View on Economic System: Capitalism

According to Marx, commodities exchange in the ratio of the time taken to produce one item of each kind.

Marx wrote that the utility of a product or service creates a use value. A product or service has use value only because human labor has been embodied or invested in it. According to Marx, something can be a use value to human beings without having value. This is the case whenever an item's utility is not due to human labor. Examples of this would include fresh air, clean water, and unspoiled natural beauty (Use Value).

According to an essay published on the Vanderbilt University website, according to Marx a commodity is something produced for the specific purpose of being exchanged. A more precise explanation of exchange value is offered. We read that the exchange value of a commodity reflects the amount of necessary labor which Marx defined as the amount of labor required when a producer works at the normal level of intensity, with normal skill, using normal methods in relation to that market (Karl Marx).

According to an essay entitled Commodity

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Karl Marx View on Economic System: Capitalism. (1969, December 31). In LotsofEssays.com. Retrieved 00:26, October 26, 2014, from http://www.collegetermpapers.com/viewpaper/1304219069.html
 
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