Law of value appeared in a polemic .
The law of value , German : Wertgesetz , is a central concept in Karl Marx 's support of political economy , first expounded in his writing The Poverty of Philosophy , 1847 , in support for 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