Abstract
Value and theories of value might begin in economics but they have significant sociological importance. As with economics, two divergent conceptions of value dominate sociological thought: an objective, intrinsic, production‐centered theory versus a subjective, consumption‐focused conception of value – best represented in Marx and Simmel's works, respectively. Marx's systematic presentation of value's form and substance in Capital critically extended Adam Smith, David Ricardo, and other political economists’ labor theory of value, while Simmel developed the sociological importance of subjective conceptions of value that began with political economist Jacques Turgot and William Jevons and the Austrian School developed with theories of marginal utility, value, and price.
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