Saturday, December 6, 2014
Exchange-Value and Use-Value
The contrast of a $500 meal for a well-fed person and a $3 meal for someone who is chronically starving illustrates the utter incommensurability of Exchange-Value and Use-Value. It also, by implication, illustrates the profound confusion entailed in the prevalent classification, e. g. in American Economic analysis, of a person in urgent need of medicine as a 'consumer' no different from someone seeking to purchase their third Rolls Royce. More generally, because the primary function of Money is to facilitate exchange, Economic theory, at any level, a fundamental term of which is money, inherently abstracts from, or, perhaps, suppresses, vital interests. Hence, any coincidence of the wealth of a nation and the well-being of a nation is accidental.
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