Law of value was last expounded somewhere .
The law of value is a central concept in Karl Marx 's critique of political economy , last expounded in his polemic The Poverty of Philosophy ( 1847 ) , 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 '' .
Law of value