Use value

Use value or value in use is the utility of consuming a good—the want-satisfying power of a good or service in classical political economy. In Marx's critique of political economy, any product has a labor-value and a use-value, and if it is traded as a commodity in markets, it additionally has an exchange value, most often expressed as a money-price. Marx acknowledges that commodities being traded also have a general utility, implied by the fact that people want them, but he argues that this by itself tells us nothing about the specific character of the economy in which they are produced and sold.

Origin of the concept

The concepts of value, use value, utility, exchange value and price have a very long history in economic and philosophical thought, from Aristotle to Adam Smith, and their meanings evolved. Adam Smith recognized that commodities may have an exchange-value but may satisfy no use-value, such as diamonds, while a commodity with a very high use-value may have a very low exchange-value, such as water. Marx comments for example that "in English writers of the 17th century we frequently find worth in the sense of value in use, and value in the sense of exchange-value." With the expansion of market economy, however, the focus of economists has increasingly been on prices and price-relations, the social process of exchange as such being assumed to occur as a naturally given fact.

Use

Use may refer to:

or to:

See also

Use (law)

Use, as a term in real property of common law countries, amounts to a recognition of the duty of a person, to whom property has been conveyed for certain purposes, to carry out those purposes.

Uses were equitable or beneficial interests in land. In early law a man could not dispose of his estate by will nor could religious houses acquire it. As a method of evading the common law, the practice arose of making feoffments to the use of, or upon trust for, persons other than those to whom the seisin or legal possession was delivered, to which the equitable jurisdiction of the chancellor gave effect. To remedy the abuses which it was said were occasioned by this evasion of the law the Statute of Uses of 1536 was passed. However it failed to accomplish its purpose. Out of this failure of the Statute of Uses arose the modern law of trusts (see that article for further details).

Development of the use

One reason for the creation of uses was a desire to avoid the strictness of the rules of the common law, which considered seisin to be all-important and therefore refused to allow a legal interest to be created to spring up in the future. Although the common law recognised a use in chattels from an early period, it was clear by the end of the fourteenth century that land law had no room for this notion. Uses, nonetheless, satisfied contemporary needs in fifteenth century England. Its first application in relation to land was to protect the ownership of the land by the Franciscan Monks, who were pledged to vows of poverty and unable to own land. This enabled the feoffee to uses for the benefit of a cestui que use. The common law did not recognise the cestui que use but affirmed the right of ownership by feoffee to use. The term "use" translates into "Trust" and this was the legal beginning of Trusts and the use of trusts to defeat feudal, death and tax dues.

USE1

Uncharacterized hematopoietic stem/progenitor cells protein MDS032, also known as MDS032, is a protein which in humans is encoded by the MDS032 gene.

Function

D12, the mouse homolog of MDS032, is a SNARE protein involved with the Golgi secretory apparatus and with endosome-lysosome transport.

References

Further reading