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In political economy and especially Marxian economics, exchange value refers to one of four major attributes of a commodity, i.e., an item or service produced for, and sold on, the market. The other three aspects are use value, value and price. Thus, a commodity has These four concepts have a very long history in human thought, from Aristotle to David Ricardo,[1] becoming ever more clearly distinguished as the development of commercial trade progressed. This entry focuses on Marx's summation of the results of economic thought about exchange-value. Strictly speaking, the exchange value of a commodity is for Marx not identical to its price, but represents rather what (quantity of) other commodities it will exchange for, if traded.
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