Routledge Dictionary of Economics, 3rd Edition

V

valorization (D0)

The process by which capital increases its own value. In MARXIAN economics, it is asserted that this occurs because capital increases its own value by the production of SURPLUS VALUE.

value (D0)

Intrinsic worth or price of a good or service. Earlier economic writers from ARISTOTLE made the distinction between VALUE IN USE and VALUE IN EXCHANGE (prices) with, in many cases, the objective use value being measured by the cost of production of that article. CANTILLON, SMITH, RICARDO and John Stuart MILL agonized over the determinants and measure of different types of value, often using the so-called ‘water and diamonds paradox’: the PARADOX OF VALUE. Apart from Marx and his disciples, interest in the concept of INTRINSIC VALUE ...