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General Theory of Utility and Value


  • Kamen Mirkovich


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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    References listed on IDEAS

    1. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    2. Dahlman, Carl J, 1979. "The Problem of Externality," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 141-162, April.
    3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    4. János Kornai, 1994. "Highway and Byways: Studies on Reform and Postcommunist Transition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262111985, January.
    5. Winiecki, Jan, 1990. "Why Economic Reforms Fail in the Soviet System--A Property Rights-Based Approach," Economic Inquiry, Western Economic Association International, vol. 28(2), pages 195-221, April.
    6. Barzel,Yoram, 1997. "Economic Analysis of Property Rights," Cambridge Books, Cambridge University Press, number 9780521597135, March.
    7. Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911, March.
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    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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