History of Economic Thought. K. Marx about the product and its properties. money and its functions (the most important)

Lecture notes, cheat sheets
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History of Economic Thought. K. Marx about the product and its properties. money and its functions (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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38. K. MARKS ABOUT THE PRODUCT AND ITS PROPERTIES. MONEY AND THEIR FUNCTIONS

K. Marx analyzed the commodity and its properties in the first volume of Capital. The wealth of modern society consists of goods.

Product is a product of labor produced not for the producer's own consumption or those associated with him, but for the purpose of exchanging it for other products. Consequently, it is not the natural, but the social features of the product that make it a commodity.

Marx distinguishes two factors of the commodity:

1) use value. A product is an external object (thing) that satisfies any human needs due to its properties. The commodity body is use value, or good. Use value occurs only in use or consumption.

Exchange value represented as a quantitative ratio, as proportions in which use-values of one kind are exchanged for use-values of another kind. As use-values, commodities differ primarily qualitatively; as exchange-values, they can only have quantitative differences; consequently, a commodity does not contain a use-value. Socially necessary labor time is that labor time which is required for the production of some use-value under socially normal conditions of production and at an average level of skill and intensity of labor in the given society;

2) cost (substance of value, magnitude of value). The magnitude of the value of use-value is determined solely by the amount of labor or the amount of labor time socially necessary for its production. A thing can be a use-value and not be a value. This happens when its usefulness to a person is not mediated by labor (air). He who satisfies his own need with the product of his labor creates use-value, but not a commodity.

Money according to Marx emerged from commodity circulation historically. At first, the exchange was of a random nature, then it became a constant phenomenon, and then one began to stand out from the total mass of goods as universal equivalent. Gradually, the role of the universal equivalent was assigned to gold (or silver), which became money.

Money functions:

1) money like measure of value. Gold - a universal measure of value and therefore becomes money.

Money - a necessary form of manifestation of a measure of value immanent in goods - working time. The expression of the value of a commodity in terms of gold is the monetary form of the commodity, or its price;

2) money like medium of exchange. The process of exchange of goods takes place in the form shape change: goods - money - goods. Commodity - money - the first metamorphosis of the commodity, or sale. Money - goods - the second (final) metamorphosis - purchase. The final metamorphosis of one commodity forms the sum of the first metamorphoses of other commodities.

Money functions as a means of purchase. The movement of money is only the movement of the commodity's own form;

3) money like treasure formation;

4) money like instrument of payment;

5) world money.

Author: Tatarnikov E.A.

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