The “fictitious commodity” is one of Karl Polanyi’s most valuable theoretical concepts. Consider two items you...

The “fictitious commodity” is one of Karl Polanyi’s most valuable theoretical concepts. Consider two items you can buy at a super market: a bag of sugar and a Halloween costume. One of these items is a “fictitious commodity” and the other is not. Please explain which is which and why.

Expert Solution

Ficitious commodities are also known as false commodities. Karl Polanyi problematised the commodity status of labour. He described it as 'ficitious' .That concept to highlight the tension in neoclassical theory between concrete reality and its idealist construction of the economy. fictitious commodity are mainly money , land , labor and sugar is fictitious commodity beacuse sugar is daily need item and its interchanges in money , sugar is also relaed to labor , but the halloween costume is not a daily need item and its doesnt needed or related for the lobour.

Rahul Sunny answered 2 years ago

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