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Marx and Menger on Value: As Many Similarities as Differences

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  • Hong, Hoon

Abstract

This paper argues that, as far as theories of value and money are concerned, Marx and Menger have more in common than has been traditionally maintained. Each of them had his own abstract concept of value, distinct from labour or utility and prior to prices. Moreover, both proposed theories of value form and provided explanations of the origin of money. These concepts and theories can hardly be found in the works of Smith and Ricardo, nor in those of Jevons and Walras, because they were primarily concerned with the determination of exchange ratios. Furthermore, Marx and Menger become more sharply divided owing to their similarities. They shared many questions to which they offered opposite answers. Copyright 2000 by Oxford University Press.

Suggested Citation

  • Hong, Hoon, 2000. "Marx and Menger on Value: As Many Similarities as Differences," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(1), pages 87-105, January.
    • Handle: RePEc:oup:cambje:v:24:y:2000:i:1:p:87-105
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    Cited by:

    1. Nenovsky, Nikolay & Karpouzanov, Momtchil, 2010. "Value, Prices and Money. Comparing Marx and Menger," MPRA Paper 62040, University Library of Munich, Germany, revised 2012.
    2. Nenovsky, Nikolay, 2018. "Парите Като Координация На Стоковото Стопанство. Стари И Нови Прочити На Теорията На Маркс [Money as coordination, new and old readings of Marx]," MPRA Paper 85295, University Library of Munich, Germany.
    3. Giovanni B. Ramello, 2005. "Pelle sub agnina latitat mens saepe lupina: copyright in the marketplace," Chapters, in: Alain Marciano & Jean-Michel Josselin (ed.), Law and the State, chapter 12, Edward Elgar Publishing.
    4. Hoon Hong, 2006. "Rethinking the Notion of the Natural in Classical Political Economy," Korean Economic Review, Korean Economic Association, vol. 22, pages 367-408.
    5. Nenovsky, Nikolay, 2019. "Money as a coordinating device of a commodity economy: old and new, Russian and French readings of Marx. Part 2. The theory of money without the theory of value [La monnaie comme dispositif de coor," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    6. Nenovsky, Nikolay, 2019. "Money as a coordinating device of a commodity economy: old and new, Russian and French readings of Marx. Part 1. Monetary theory of value [La monnaie comme dispositif de coordination d'une économie," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.

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