Econ 310 Sangkeun 1st assignment Essay Example | Topics and Well Written Essays - 500 words

Econ 310 Sangkeun 1st assignment - Essay Example The pleasure obtained from using a certain thing will differ from one person to another, depending on the perspective of the possessor or owner of that thing. This use value cannot be quantified in terms of how much pleasure one can obtain or not. Exchange - Value: As opposed to the use-value, exchange-value is a quantifiable worth of something. It determines what one can obtain in exchange for some other thing. In other words, it can be said it is the proportional quantity in which it can be bartered with all other commodities and things. Value: In Karl Marx's perspective, value is a social substance of an object, which renders use-value as entirely meaningless; and exchange value is traditionally the relative value of an object in relation with another. Although it does not mean to ignore the use-value and exchange-value, because it is the use value of a thing that forms the basis for determining the exchange-value; which determines its ultimate value. Karl Marx has defined commodity as 'an external object that satisfies wants or needs', these commodities differ from each other because of its use value and the exchange value. Whereas, Marx used the word fetish to describe some object or commodity that fascinates and blinds oneself from seeing the truth. Hence, coined the term 'commodity fetishism'.