Karl Marx and Quantity Theory of Money Free Essay, Term Paper and Book Report
Karl Marx, an influential philosopher, a political economist and a social revolutionary, addressed a wide range of issues. His quantity theory of money is determined by three factors namely, state of prices, velocity of money-currency and, the quantity and value of circulating commodities. Commodity is an object which satisfies human wants, and the utility derived from a commodity, makes it a use-value. Individuals would have to practice exchange of goods in order to meet their needs. Exchange is a social transaction of a general character for an owner. It cannot take place without equality, and equality would not take place if there wasnt a common divisor.
Human labor is a substance which is present in all commodities and could be a standard of exchange. The value of a commodity is directly dependent on the labor-time socially necessary for the production of the commodity. The social division of labor causes the labor to be one sided as opposed to the wants of labor, which is precisely the reason why the product of his labor serves him solely as exchange value. Marx argues that ......
Word Count: 1110
Page Count: 4.4 (250 words a page / double spaced)
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