Monday, September 24, 2007

Economic Term of the Day


Karl Marx

Commodity fetishism: Marx made this one up, it refers to when a commodity (anything bought or sold, including labor) has any kind of social value surrounding it that elevates its market value over what it practically should be. From wikipedia: An example is that a pearl or a lump of gold is worth more than a horseshoe or a corkscrew.

A horseshoe or corkscrew are infinitely more practically valuable, but human beings like pretty things.

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