Value, Prices and Money. Comparing Marx and Menger

Nikolay Nenovsky () and Momtchil Karpouzanov

MPRA Paper from University Library of Munich, Germany

Abstract: Both Marx and Menger are the originators of two vivid and highly recognisable schools of economic thought with long-lasting marks. Despite somehow simplistic reductions which lead to opposing them, their differences do not summarise the whole extent of their analysis. Without underestimating those discrepancies, a number of similarities can be put forward. When it comes to the very heart of their analysis, namely their theories of value, common philosophical sources, parallel paths of inquiry and comparable methodologies can be made more salient. The causal links they establish between value, prices and money appear to be in both cases fundamental for the rest of their intellectual constructions. An interpretation of their value theories is attempted along their common distinction between use and exchange value with respect to its subjective and objective dimension.

Keywords: Value theory; Marx; Menger (search for similar items in EconPapers)
JEL-codes: B00 B3 (search for similar items in EconPapers)
Date: 2010, Revised 2012
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