Abstract

This article looks at the similarities and differences between Karl Marx’s theory of value and J.S. Mill’s theory of value, where value is synonymous with ‘utility’. It explores how the authors treated the spheres of use and exchange; possibilities of revolutionary social praxis under each of their philosophies; and their respective ability to endure in relevance for the contemporary social world. This article also analyzes their methodologies for achieving utility, focusing on the humanistic and mechanistic aspects of both Marxism and utilitarianism. Connections between their logical aims are also made in the field of ethics. Epistemic considerations are taken into account when making a value judgement on their works, in that materialist philosophy sometimes melds with idealist philosophy in the works of both authors. Finally, an idea will be given as to who was the ‘better philosopher’ judging by consistency of means and ends.