The continuing imperative of value theory

Value theory lies at the heart of Marxist political economy for three key reasons. First, it is the abstract basis on which to understand the social relations of capitalist commodity producing society. Second, it attaches complex forms, such as price and profit, to simple underlying determinants. Third, it addresses the dialectics of change and reproduction. In addition, value theory is apposite in the current renewal of interest in the economy across the social sciences.