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{
The Capital by Karl Marx
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{\it by Hadas Zeilberger}
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Trade is a very important procedure that society cannot do without but
before one gets there they need distinct values for commodities.
In Chapter One  of Capital by Karl Marx, Marx starts off with discussing
the values of commodities. The main values are Use-value, Quantitative-
value, and Qualitative-value. Getting more specific, there's exchange-value,
relative-value, and labor value.

The usefulness of a commodity is referred to as its use-value. Since
this is the measurement of how useful it is, and the usefulness of an object
is its sole purpose, use-value makes us the physical body of the commodity.
Everything with use-value can be looked at from two points of view;
qualitatively and quantitatively. The quality of an object refers to the many 
properties that make it up.  It can, therefore, be used in a number of ways, 
some of which have not yet been discovered.  Quantitative value is usually 
used with the exchange value of a commodity.

Exchange value is when use-value(s) is exchanged with other use-value(s).  
The value of the object is purely relative to the other objects it is being 
exchanged with, because it depends on the circumstances around it.  For 
example, if a certain number of x is exchangeable with a different number 
of y, z, and v, then x's value differs with each thing it is exchanged 
with, but y, z, and v must all have the same magnitude of value, the value 
of a certain number of x.  Another circumstance of exchange is if there 
are two commodities, A and B.  A certain number of A has to be equal to 
a  number of B.  Once A = B, A and B must be equal to a third commodity, 
which we will call C.  Labor-Value is also considered in giving a commodity 
an exchange value.  

Labor-Value is the labor that goes behind making a commodity.  It can 
completely change an exchange value of a useful thing, depending on how 
hard the labor is.  For example, if it takes twice as long to produce an 
ear of corn than usual, than one ear of corn usually equals one gallon 
of milk, then the new exchange value for the milk is one gallon milk = 
1/2 ear of corn.  If the labor that goes into producing milk doubles, 
then the corn raises in exchange value to one ear of corn = 1/2 gallon 
of milk.  Now let's say that milk and corn both vary slightly in 
labor-value.  Then the exchange value stays the same, which is one ear 
of corn = one gallon of milk.  This form is called the relative form.  
When using labor to make use-value, it is referred to as Use-Labor-Value.  
The relative form is a very concrete form of labor-value because it gives 
an equation of the exact amount of time to produce one object with the 
exact time of another and compares/varies them. When going into a more 
abstract form, however, the
same kind of labors simply equal each other if they take the same amount
of time. But, one labor will produce a larger quantity of the commodity
than the other. Therefore, the labor that produced a bigger quantity
of use-values is now cut down on the value if the total number of objects.

Marx goes into much detail concerning the values of commodities, talking
about different forms beside use-values. Qualitative and quantitative
forms, exchange  value, and labor value are the most important and major
values. Marx's system of trading is ingenious and has revolutionized
the world's economics.




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