Value Theory
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The law of value is a concept in Karl Marx''s critique of political economy, first expounded in his polemic The Poverty of Philosophy (1847) against Pierre-Joseph Proudhon, with reference to David Ricardo. Most generally, it refers to a regulative principle of the economic exchange of the products of human work: the relative exchange-values of those products in trade, usually expressed by money-prices, are proportional to the average amounts of human labour-time which...
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The law of value is a concept in Karl Marx''s critique of political economy, first expounded in his polemic The Poverty of Philosophy (1847) against Pierre-Joseph Proudhon, with reference to David Ricardo. Most generally, it refers to a regulative principle of the economic exchange of the products of human work: the relative exchange-values of those products in trade, usually expressed by money-prices, are proportional to the average amounts of human labour-time which are currently socially necessary to produce them. Thus, the exchange value of commodities (exchangeable products) is regulated by their value, where their value is a quantity of human labour (labor theory of value). In Das Kapital Marx normally thinks of that quantity as the ratio between the amount of labour required to produce a reproducible good, and the corresponding amount of labour required to produce a unit of gold.
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