Karl Marx's Contribution to the Critique of Political Economy: Part I: The Commodity

Read this chapter. Marx begins by establishing two necessary conditions for commodity production: (i) a market and (ii) a social division of labor where people make different things. For Marx, commodities both have a use-value, and an exchange-value or price, but it is the latter which is problematic. In coming to understand why one commodity is priced differently from another, Marx derives his labor theory of value.