law of value is a peripheral concept in karl marxs 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 pierrejoseph proudhon  with reference to david ricardo s economicssee 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 