Marx's Theory of Value in Chapter 1 of Capital

Chapter 1 is the most important chapter in Capital, as well as the most difficultand the most controversial. An influential interpretation of Chapter 1 in recentdecades has been the so-called "value-form interpretation" of Marx's theory ingeneral and Chapter 1 in particular. The most important proponent of the value-form interpretation today, both in Germany and in the English-speaking world, isMichael Heinrich, and Heinrich's work has emphasized the first chapter. Heinrich'slatest book in English is a detailed commentary of the first seven chapters ofVolume 1 of Capital. The publication of an English translation of Heinrich's bookis an important event in Marxian scholarship and it is important to criticallyengage with this important book in order to advance our understanding of thiscritical foundational chapter. This book emphasizes the quantitative issue ofwhether the magnitude of value and socially necessary labour-timearedetermined in production or also depend on exchange and demand, which hasbeen the main issue in the controversy over the value-form interpretation.