Advertisement

Exchange Value

  • Peter Kriesler
Chapter

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.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Kriesler, Peter. 2003. The Traverse. In The Elgar Companion to Post-Keynesian Economics, ed. John Edward King, 355–359. Cheltenham, U.K.: Edward Elgar.Google Scholar
  2. Marx, Karl. [1867] 1990. Capital, Volume 1. London: Penguin.Google Scholar
  3. Mill, John Stuart. [1848] 1994. Principles of Political Economy, ed. Jonathan Riley. Oxford: Oxford University Press.Google Scholar
  4. Ricardo, David. [1817] 1951. On the Principles of Political Economy and Taxation, ed. Piero Sraffa with the collaboration of M. H. Dobb. Cambridge, U.K.: Cambridge University Press.Google Scholar
  5. Smith, Adam. [1776] 1960. An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. 1, ed. Edwin Cannan. London: Methuen.Google Scholar
  6. Sweezy, Paul. 1968. The Theory of Capitalist Development. New York: Monthly Review Press.Google Scholar

Copyright information

© Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile 2016

Authors and Affiliations

  • Peter Kriesler

There are no affiliations available

Personalised recommendations