I have argued elsewhere against value monism (http://www.robert-w-jones.com/, philosopher, axiology).
A strong argument against value monism is the fact that the monists can not agree on what is the single thing that is to be valued. Some suggestions have been:
pleasure
life/health/age
the number of children or grandchildren you have had
money
"utility"
"fitness"
goodness/godliness
time (but one could change this or one's age by relativistic means, and so....)
energy
etc....
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