Law of value is a peripheral concept in Karl Marx's critique of political economy.
The law of value -LRB- German : Wertgesetz -RRB- is a central concept in Karl Marx 's critique of political economy , first expounded in his polemic The Poverty of Philosophy -LRB- 1847 -RRB- against Pierre-Joseph Proudhon , with reference to David Ricardo 's economics.See Marx , The Poverty of Philosophy , chapter 1 part 2 where Marx refers to Proudhon 's own `` law of value '' and chapter 3 , titled `` Application of the Law of the Proportionality of Value '' .	Karl Marx	Karl Marx	political economy	political economy	The Poverty of Philosophy	The Poverty of Philosophy	Pierre-Joseph Proudhon	Pierre-Joseph Proudhon	David Ricardo	David Ricardo
