FAQ U: What is Marx's Critique of Value?
Sometimes, I (try to) talk about economics and end up bringing up a weird phrase: “social” value, or even “value” by itself. When I talk about social value, I refer to economic value, specifically following Marx’s critique of value in his Capital, Volume One [1]. You can read that volume for yourself, or read Marx’s seminar Value, Price and Profit where he discusses the concept in isolation [2]. I’ve also written about the implications of value in the context of so-called market socialism [3], or how the book Debt: The First 5,000 Years does not adequately account for value in discussing monetary units across history [4]. There was also an article I wrote a while back talking about value as a form of abstraction [5]. This is my attempt, though, to explain Marx’s critique of value in my own words, directly and not in the context of something else, in case some of you have not read Marx and want a simpler starting point than getting knee-deep in eighteen-hundreds (anti-)economics tex...