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General Theory of Utility and Value

Listed author(s):
  • Kamen Mirkovich
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    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.

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    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

    Volume (Year): (2005)
    Issue (Month): 7 ()
    Pages: 3-24

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    Handle: RePEc:bas:econth:y:2005:i:7:p:3-24
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