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Use Value in Marx`s theory

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Felipe Posted: Thu, Mar 12 2009 5:16 PM

I have a question for austrian economists.

How does use value works in marxist and austrian theories?

I had a debate with a marxist about the LTV and I use the argument that 1 field of wheat doesnt equal 1 field of poison ivy even if the both use the same labor time, he answered that 1 field of poison ivy doesnt have use value so it doesnt have value according to Marx.

Can you help me?

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MatthewF replied on Thu, Mar 12 2009 5:22 PM

Of course if you cut out all the poison ivy (using labor) and then planted wheat (using labor) you would now have a 2nd wheat field that is worth more than the 1st wheat field because of the labor that was invloved... 

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eliotn replied on Thu, Mar 12 2009 5:32 PM

Felipe:
How does use value works in marxist and austrian theories?

Marxist Economics - An object's value depends on the amount of labor that was put into making it.

Austrian Economics - The value of a good, for each person, depends on whether or not it can service that person's ends and to what extent it can accomplish that.

Marxist economists fail to take into account that different people value the same good differently, and that a person's valuation of a good does not depend on the amount of labor, but is subjective.

Schools are labour camps.

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Felipe replied on Thu, Mar 12 2009 5:36 PM

But does a poison ivy field have value? does it have use value or not?

MatthewF:

Of course if you cut out all the poison ivy (using labor) and then planted wheat (using labor) you would now have a 2nd wheat field that is worth more than the 1st wheat field because of the labor that was invloved... 

And even if the field was filled with poison ivy and you invest labor to produce a 2º wheat field, why does it have greater value? to a consumer it would have the same value as any other wheat field.

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eliotn replied on Thu, Mar 12 2009 5:42 PM

Felipe:
But does a poison ivy field have value? does it have use value or not?

If it can service your wants, it has value.  If you can directly use it to achieve your ends, it has use value.

Felipe:
And even if the field was filled with poison ivy and you invest labor to produce a 2º wheat field, why does it have greater value?

It does, according to Marxism.  But use value is entirely dependent on the values of the actor.

Felipe:
to a consumer it would have the same value as any other wheat field.

Why would a consumer assign value to a wheat field, and make it the subject of human action?

Schools are labour camps.

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Felipe replied on Thu, Mar 12 2009 6:01 PM

eliotn:

If it can service your wants, it has value.  If you can directly use it to achieve your ends, it has use value.

Does mainstream economics recognaise the terms use value and exchange value or are they only used in marxist economics?

eliotn:

Why would a consumer assign value to a wheat field, and make it the subject of human action?

Well if you buy wheat from one field and wheat from another field your subjective percepcion of the value of both should be the same, right? no matter the labor time spended.

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Felipe:
Does mainstream economics recognaise the terms use value and exchange value or are they only used in marxist economics?

I think all economists do. For instance, Rothbard gives the example of a non-smoker who obtains cigarettes not to satisfy his desires but to trade them with someone else.

As to the original question. Who says that the poison ivy field has no use value? That's just a bald assertion. All you need to do is find one person who values the ivy and is willing to trade for it.

 

Austrians do it a priori

Irish Liberty Forum 

 

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Felipe:

I have a question for austrian economists.

How does use value works in marxist and austrian theories?

I had a debate with a marxist about the LTV and I use the argument that 1 field of wheat doesnt equal 1 field of poison ivy even if the both use the same labor time, he answered that 1 field of poison ivy doesnt have use value so it doesnt have value according to Marx.

Can you help me?

Read Bohm Bawerk on this subject. He ran circles around Marx.

 

"You don't need a weatherman to know which way the wind blows"

Bob Dylan

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eliotn replied on Thu, Mar 12 2009 6:30 PM

Felipe:
Does mainstream economics recognaise the terms use value and exchange value or are they only used in marxist economics?

The term "utility", which means the satisfaction gained from a good, and value are terms commonly used.  As far as I know, only austrian economists distinguish between use and exchange, which is technically a subset of use.

Felipe:
Well if you buy wheat from one field and wheat from another field your subjective percepcion of the value of both should be the same, right? no matter the labor time spended.

The value of the wheat depends on its use on servicing the wants of the consumer.  It does not depend on the labor expended unless the person subjectively feels it does.

Schools are labour camps.

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Menger discusses use and exchange value extensively in his Principles.

Freedom of markets is positively correlated with the degree of evolution in any society...

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yessir replied on Thu, Apr 23 2009 11:50 PM

Marx trying to describe the value of a good made my head spin. From what I remember it went like this:

I am going to reject theory X(which makes most sense). Instead I beleive in theory Y. However there is a problem with Y, thats why I now propose

Yi. But that is also wrong, lets do Yii. Also that is wrong its Y2.0.

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eliotn replied on Sat, Apr 25 2009 1:40 PM

yessir:

Marx trying to describe the value of a good made my head spin. From what I remember it went like this:

I am going to reject theory X(which makes most sense). Instead I beleive in theory Y. However there is a problem with Y, thats why I now propose

Yi. But that is also wrong, lets do Yii. Also that is wrong its Y2.0.

What a brilliant fall.  Yet so many thought he rose above others.

Schools are labour camps.

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