Exchange value is measured by what a commodity trades for, not by its price

Evidence

Exchange Value is the quantifiable value of a commodity under capitalism. More precisely, the exchange value of a unit of some commodity is measured by how many units of other commodities it can be exchanged with. It is reflected in (but is not reducible to – see note below) the price of a good or service which has been produced for sale, not to be experienced or gifted by those who produced it (i.e. a commodity is aimed at end buyers prepared to pay for the experiential value they will derive from it). — Yanis Varoufakis, Technofeudalism, 786

Categorization

• DEFINE: Clarifies the distinction between exchange value and price, a core Marxian distinction.
• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 786
• XREF: connects to: Exchange itself, not utility or scarcity, creates economic value. — Georg Simmel, on individuality and social forms_…, 261; Exchange value is always judged relative to the moment’s circumstances — Georg Simmel, on individuality and social forms_…, 240; Competition drives price toward exchange value determined by embedded labour — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 787 (+5 more)

Broader Connections

• Exchange itself, not utility or scarcity, creates economic value. #expands (0.90) — Georg Simmel, on individuality and social forms_…, 261
• Competition drives price toward exchange value determined by embedded labour #expands (0.85) — Yanis Varoufakis, Technofeudalism, 787
• Economic rent is defined as payment exceeding a commodity’s exchange value #expands (0.85) — Yanis Varoufakis, Technofeudalism, 800
• Exchange creates value as genuinely as production does. #corroborates (0.85) — Georg Simmel, on individuality and social forms_…, 228
• Art’s exchange value replaces and is mistaken for its use value #expands (0.80) — Theodor W. Adorno, Max Horkheimer, Dialectic of Enlightenment, 118
• Cultural goods derive exchange-value from production, not from any special appearance of immediacy #qualifies (0.80) — Dirk Braunstein, Adorno’s Critique of Political Economy, 444
• Exchange value is always judged relative to the moment’s circumstances #qualifies (0.75) — Georg Simmel, on individuality and social forms_…, 240
• Commodity equivalence remains nonthinkable even after labor-theory explanation #expands (0.75) — Fredric Jameson, Postmodernism, or, The Cultural Logic…, 516