Marx developed his own version of the labour theory of value. He emphasized how definitions of ‘productive’ activity depend on historical circumstances–the society of any given time. He also focused on the nature of productive activity within the capitalist system. Under capitalism, firms produce commodities–a general term for anything from nuts and bolts to complete machines. If commodities are exchanged–sold–they are said to have an exchange value. If you produce a commodity which you consume yourself it does not have an exchange value. Exchange value crystallizes the value inherent in
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