PHIL 120 Study Guide - Midterm Guide: Ikea

• School: University of Oregon
• Department: Philosophy
• Course: PHIL 120
• Professor: Susan Stocker

Document Summary

Aristotle is known for his division of what we call economic value". Aristotle brought attention to two different perspectives on value; use and. Use value is qualitative, a good made to the best quality possible. Aristotle is a firm believer in use value and believes that all goods should be made for their use value rather than their exchange value. Meikle struggles to define exchange value in a brief period of time as it is much more complicated. Exchange value can be determined by the relative value of other goods. This is not strictly the price value of the item but the worth. A good which is made for its exchange value is not made in the best possible way. Instead the good is made quantitatively, taking away from the integrity of its use. Exchange value is often seen in the market today with many items which are cheaply made with plastic.