“Exchange value forms the substance of money, and exchange value is wealth.”

Grundrisse (1857-1858)
Source: Notebook II, The Chapter on Money, p. 141.

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Karl Marx290

German philosopher, economist, sociologist, journalist and … 1818–1883

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“Wealth, for the purposes of economic study, is confined to those values attaching to material objects through the action of man, which values can be exchanged /or other values.”

Hilaire Belloc (1870–1953) writer

Source: Economics for Helen (1924), Ch. 1 : What is Wealth?

“Utility then is not the measure of exchangeable value, although it is absolutely essential to it.”

David Ricardo (1772–1823) British political economist, broker and politician

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter I, Section I, On Value, p. 5

“Labour, therefore, is the real measure of the exchangeable value of all commodities”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: The Wealth of Nations (1776), Book I, Chapter V.
Context: Every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniences, and amusements of human life. But after the division of labour has once thoroughly taken place, it is but a very small part of these with which a man's own labour can supply him. The far greater part of them he must derive from the labour of other people, and he must be rich or poor according to the quantity of that labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities.

“It is not true that on an exchange of commodities we give value for value. On the contrary, each of the two contracting parties in every case, gives a less for a greater value. … If we really exchanged equal values, neither party could make a profit. And yet, they both gain, or ought to gain. Why? The value of a thing consists solely in its relation to our wants. What is more to the one is less to the other, and vice versa. … It is not to be assumed that we offer for sale articles required for our own consumption. … We wish to part with a useless thing, in order to get one that we need; we want to give less for more. … It was natural to think that, in an exchange, value was given for value, whenever each of the articles exchanged was of equal value with the same quantity of gold. … But there is another point to be considered in our calculation. The question is, whether we both exchange something superfluous for something necessary.”

Étienne Bonnot de Condillac (1714–1780) French academic

Le Commerce et le Gouvernement (1776), as quoted in Marx's Capital, Vol. I, Ch. 5.

“Money as a medium of exchange becomes important when workers are paid in medium of exchange rather than in wage goods directly. Since wage goods constitute the majority of goods produced (particularly in the early stages of development), it is tempting (but misleading) to focus on exchanges and on money as a medium of exchange [like the neo-classicals]. Once capitalist production dominates the economy, money becomes universally important: money operates as a medium of exchange and money hoards provide a measure of security. However, production involves goods and services now in exchange for a promise to pay in the future. That is, money is involved in the production process because production is time-based and involves debt commitments. If one only focuses on the use of money in exchange or as a store of value, one ignores how money creation is inextricably related to time-based production in private property economies.”

L. Randall Wray (1953) American economist

Source: Money and Credit in Capitalist Economies, 1990, p. 10; Cited in Howard Stein. "Theories of institutions and economic reform in Africa." World Development 22.12 (1994): 1833-1849.

“To be sure, exchange-value exerts its power in a special way in the realm of cultural goods. For in the world of commodities this realm appears to be exempted from the power of exchange, to be in an immediate relationship with the goods, and it is this appearance in turn which alone gives cultural goods their exchange-value. But they nevertheless simultaneously fall completely into the world of commodities, are produced for the market, and are aimed at the market.”

Theodor W. Adorno (1903–1969) German sociologist, philosopher and musicologist known for his critical theory of society

Source: On the Fetish Character in Music and the Regression of Listening (1938), p. 279

“On the whole it may be observed, that the specific use of a body of unproductive consumers, is to give encouragement to wealth by maintaining such a balance between produce and consumption as will give the greatest exchangeable value to the results of the national industry.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On The Progress of Wealth, Section IX, p. 412-413
Principles of Political Economy (Second Edition 1836)

Étienne Bonnot de Condillac (1714–1780) French academic

… It is not to be assumed that we offer for sale articles required for our own consumption. … We wish to part with a useless thing, in order to get one that we need; we want to give less for more. … It was natural to think that, in an exchange, value was given for value, whenever each of the articles exchanged was of equal value with the same quantity of gold. … But there is another point to be considered in our calculation. The question is, whether we both exchange something superfluous for something necessary.
Le Commerce et le Gouvernement (1776), as quoted in Marx's Capital, Vol. I, Ch. 5.

“The music of the soul is also the music of salesmanship. Exchange value, not truth value counts. On it centers the rationality of the status quo, and all alien rationality is bent to It.”

Herbert Marcuse book One-Dimensional Man

Source: One-Dimensional Man (1964), p. 57

“The money received for sales has no other significance or value than its power to buy, and trade can only be imaged truly as an exchange of goods for goods in which the processes of selling and of buying are complementary.”

J.A. Hobson (1858–1940) English economist, social scientist and critic of imperialism

p, 125
The Morals of Economic Irrationalism (1920)

“Exchange value forms the substance of money, and exchange value is wealth.”

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Karl Marx290

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