There are many debates around Marx's theory of value, which have conflicting interpretations due to the internal conflict of the author himself. My comprehensive view presented here is that Marx has a consistent theory of value from 1844–65, of alienated labour, and post–1867 is a revised theory of value which reifies "value" as such, showing dishonour and degeneration in Marx's person.
The earliest writings Marx has on value are this (1844):
<The mediating process between men engaged in exchange is not a social or human process, not human relationship; it is the abstract relationship of private property to private property, and the expression of this abstract relationship is value, whose actual existence as value constitutes money […] as an equivalent is no longer its specific mode of existence. It has thus become a value, and immediately an exchange-value. https://www.marxists.org/archive/marx/works/1844/james-mill/Here, "value" is not something immediate to production, but is only something mediating exchange; value is the alienation of labour itself, in the form of self-relating private property (e.g. the fetishism of commodities). It is further, "immediately an exchange-value" whose "actual existence as value constitutes money". So, value is both (i) exchange-value and (ii) money. Value is thus money:
<the real value of things is their exchange-value and this in the last instance exists in moneyhttps://www.marxists.org/archive/marx/works/1844/james-mill/Still, Marx reserves mystery:
<How this value is more precisely determined must be described elsewhere, as also how it becomes price.https://www.marxists.org/archive/marx/works/1844/james-mill/So Marx also sees a medium term between (exchange-) value, purely, and money (i.e. price). Here, the minimum case is that value only has existence as estrangement of labour, where anti-social production appears social. In describing non-alienated production and exchange, property does not bear the mark of possessing "value".
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