Abstract
Exchange value refers to “the power of purchasing other goods which the possession of [an] object conveys” (Smith [1776] 1960, p. 32); in other words, it expresses the relative price of a good in terms of other goods. Although the concept of exchange value has always played an important role in economic thought, the analysis of how it is determined has been the subject of much controversy.
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References
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© 2016 Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile
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Kriesler, P. (2016). Exchange Value. In: Post-Keynesian Essays from Down Under Volume IV: Essays on Theory. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-47529-9_5
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DOI: https://doi.org/10.1057/978-1-137-47529-9_5
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