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General Theory of Utility and Value

Author

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  • Kamen Mirkovich

Abstract

In this article the author justifies the necessity of creating a General theory of utility and value as categories of the value individual economic behaviour. They are constructed on the basis of the economics, and therefore, any comprehensive and fundamental economic exposition should be based on them. Together with the known in the literature theories of value and marginal utility, introduced and justified are notions of value and marginal utility (which at the individual level are subjective value and subjective marginal utility). A theory of the marginal value could not have, for the economic science, a lesser meaning than the theory of marginal utility (constructed by the Austrian subjective school). The creation of a relative theory of utility and value is suggested, in which the relative utility and value are comparable with each other and allow the analysis of the value economic behaviour of the individual. With the help of those relative categories it is possible to construct categories of added utility, added value and added product (as well as marginal added utility, marginal added value and marginal added product), which are totally compatible with the contemporary economics, deriving also the individual curves of product’s demand and supply, and the individual supply of labour.

Suggested Citation

  • Kamen Mirkovich, 2005. "General Theory of Utility and Value," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 3-24.
    • Handle: RePEc:bas:econth:y:2005:i:7:p:3-24
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    Cited by:

    1. Stati Statev, 2005. "Bulgarian Scientist Has Developed a Theory of Marginal Value," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 121-127.

    More about this item

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D20 - Microeconomics - - Production and Organizations - - - General

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