An Analysis of Marxs Theory of Value

Dinebari

An Analysis of Marxs Theory of Value

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University of Port Harcourt, Choba, Rivers State, Ni...

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Abstract

Introduction-Marx’s theory of value arose out of the bid to understand the basis on which goods were exchanged. What is it that determines the quantity of a product that is exchanged with another? How is it that a bag of rice can be exchanged with two bales of cloth or why is it that both products share the same monetary value? Marx’s theory was a build-up on the theories of bourgeois classical political economists, notably, Adam Smith, David Ricardo, et al. who laid down the foundation for modern day economic theory economic theory from their investigations of what exactly determined the value of a commodity. For Barbon (1696:2) “things have an intrinsic value and that the greatest number of things have their value from supplying the wants of the mind”. Others like Ricardo and Smith posited that the reward for labour (wage) determined price of value of the commodity. Locke (1777:280), studying the issue of the consequences of lowering interest rates posited that “the natural value of anything consists in its fitness to supply the necessities or serve the convenience of human life”. Also, some thought that this ‘value’ seen in exchange was a result of the importance of products, what is regarded as its usevalue. ‘but that ‘this property of a community is independent of the amount of labour required to appropriate its useful qualities.

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9 Cites in Article

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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How to Cite This Article

Dinebari. 2014. "An Analysis of Marxs Theory of Value". Global Journal of Human-Social Science - C: Sociology & Culture GJHSS-C Volume 14 (GJHSS Volume 14 Issue C3).

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GJHSS Volume 14 Issue C3

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Journal Specifications

Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

Keywords

Labour production value

Classification

GJHSS-C Classification FOR Code: 160899

Submission ReceivedDecember 8, 2013
Peer Review Double Blind
Handling Editor
Accepted January 4, 2014
Published January 15, 2014

Version of record

v1.2

Issue date

July 11, 2014

Language

English

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Article Matrices

Total Score: 107

Country: Nigeria

Subject: Global Journal of Human-Social Science

Authors: Dr. Badey, Dinebari (PhD/Dr. count: 1)

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