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   Law of value

   The law of value is a concept in Karl Marx's critique of political economy. 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.
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   Transformation problem

   His view was that the pure Marxian "law of value" of Volume I and the "transformed" prices of Volume III applied to different periods of economic history.
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   Exchange value

   law of value
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   Commodity (Marxism)

   According to the labor theory of value, product-values in an open market are regulated by the average socially necessary labour time required to produce them, and price relativities are ultimately governed by the law of value.
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   Labor theory of value

   Law of value
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   Socialist economics

   Some of these tendencies were based on internal disputes about the meaning of some of Marx's ideas, including the 'Law of Value' and his crisis theory.
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   Prices of production

   Equilibrium was less an economic, than a socio-political issue (see also law of value).
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   Marxian economics

   Law of value
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   Socially necessary labour time

   Operation of the law of value
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    Good and evil

    This is an objective theory of value (see value theory which attributes value to real production-costs, and ultimately expenditures of human labor-time (see also law of value.

Explore the following pages on Powerset:

• Law of value,
• Transformation problem,
• Exchange value,
• Commodity (Marxism),
• Labor theory of value,
• Socialist economics,
• Prices of production,
• Marxian economics,
• Socially necessary labour time,
• Good and evil