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Week 5

Week 5

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Question 1: What is a commodity? How does the exchange value result in Alienation?

Answer: A commodity can be defined as anything that can content human needs and requirements. These needs can be in the form of fuel, agricultural products or any other lavish requirements. Commodities can be looked through quality and quantity depending upon the needs of a person.

The use-value of a commodity can be defined in terms of its tangible features. The use-value of something such as iron, diamond, copper, etc. has no reality apart from its commodity. We always treat “use value” in terms of definite quantity, such as dozens of shoes and tons of copper, etc. These values only become a reality by its consumption.

Exchange Value, however, can be defined as values which are of one class and are being exchanged for another. Hence exchange-value appears to be relative and intrinsic. For example, x amount of gold is exchanged with y amount of silver and z amount of iron. This shows that gold has great exchange value and is traded for two value of different quantities.

Question 2: What is labor power? In what ways is it a commodity? How is it different than other commodities?

Answer: Labor power can be defined as usage of a combination of mental and physical abilities for the production of a described use-value. If we take out “use value” of anything then it can only be defined as a mere product of labor.

It can be described as a commodity in terms of that individual whose skill has made it a product sell it as a commodity. That person and the owner of the money or other “exchange value” deals with each other and hence the product that is exchanged came through his “labor power”, can be defined as a commodity. The value of labor power is determined by the labor time required for its production. It can also be defined as a commodity that people sell their skill or labor power in exchange for money.

Labor power can be related to other commodities as in actuality all commodities are just combinations of definite materials with specific labor time spent on it. Whether it is exchange value or use value it is nothing without a specific labor time and labor power.

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