From Natural Value to Social Value



Although once central to all economic theorizing, the topic of value theory seems to have become the sole province of historians of economic thought and theoretical malcontents. It would seem that John Stuart Mill’s famous pronouncement on value theory [“Happily, there is nothing in the laws of Value which remains for the present or any future writer to clear up; the theory of the subject is complete” (Mill 1848, p. 299) has finally come true, with economic theorists’ turning their attention to other problems and issues. This certainly is the conclusion to be drawn from the leading economics principles textbooks, where the marginal utility theory of value is taught with the theoretical elegance and confidence of established Truth. This is all very deceiving, for it is common knowledge that the marginal utility theory of value is, to say the least, an unsatisfactory “scientific” explanation of economic phenomena, especially if one applies the professed criterion of scientific legitimation (as developed by logical positivism) preached by economic theorists.


Invariant Measure Marginal Utility Natural Order Relative Prex Economic Thought 
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Copyright information

© Springer Science+Business Media New York 1995

Authors and Affiliations

  1. 1.Department of EconomicsSt. John’s University JamaicaNew YorkUSA

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