▁Category : 2 0 1 1 – 1 2 ▁in ▁European ▁association ▁football ▁le agues ▁ 2 0 1 1 - 1 2 ▁ 1 <0x0A> </s> ▁The ▁law ▁of ▁the ▁value ▁of ▁comm od ities ▁( G erman : ▁W ert ges etz ▁der ▁War en ), ▁known ▁simply ▁as ▁the ▁law ▁of ▁value , ▁is ▁a ▁central ▁concept ▁in ▁Karl ▁Marx ' s ▁critique ▁of ▁political ▁economy ▁first ▁exp ounded ▁in ▁his ▁po lem ic ▁The ▁P over ty ▁of ▁Philosoph y ▁( 1 8 4 7 ) ▁against ▁Pierre - Jose ph ▁Pr oud hon ▁with ▁reference ▁to ▁David ▁Ric ardo ' s ▁econom ics . ▁Most ▁generally , ▁it ▁refers ▁to ▁a ▁regul ative ▁principle ▁of ▁the ▁economic ▁exchange ▁of ▁the ▁products ▁of ▁human ▁work , ▁namely ▁that ▁the ▁relative ▁exchange - values ▁of ▁those ▁products ▁in ▁trade , ▁usually ▁expressed ▁by ▁money - pr ices , ▁are ▁proportional ▁to ▁the ▁average ▁amounts ▁of ▁human ▁labor - time ▁which ▁are ▁currently ▁soci ally ▁necessary ▁to ▁produce ▁them . ▁ ▁Thus , ▁the ▁fl uct u ating ▁exchange ▁value ▁of ▁comm od ities ▁( exchange able ▁products ) ▁is ▁reg ulated ▁by ▁their ▁value , ▁where ▁the ▁magnitude ▁of ▁their ▁value ▁is ▁determined ▁by ▁the ▁average ▁quantity ▁of ▁human ▁labour ▁which ▁is ▁currently ▁soci ally ▁necessary ▁to ▁produce ▁them ▁( see ▁labor ▁theory ▁of ▁value ▁and ▁value - form ). ▁In ▁itself , ▁this ▁theorem ▁is ▁fairly ▁simple ▁to ▁understand ▁and ▁intuit ively ▁it ▁makes ▁sense ▁to ▁many ▁working ▁people