One of the key grounds on which the Austrian School of economics challenges Marx’s relates to the concept of value and its definitions. In this essay, I review the “subjective theory of value” they hold to (originally proposed by Carl Menger) and compare it against the Marxian law of value.

Table of Contents:

• Part I: Introduction

• Part II: What Menger Has to Say

• Part III: Exchange in Context (unfinished)

• Bibliography (missing)