chapter  46
5 Pages


A new form of value, value-in-exchange, issues from prices and establishes the standard for the economy of private enterprise. As personal exchange-value it gauges the movements which connect individual private economies with the social economy. It thus supplements value-in-use, which harmonizes the inner affairs of the individual economy. As economic exchange-value it measures the movement of the social economic process. In both forms exchange value carries out the law of price. Its effect, therefore, like that of price should lie between utility and power.