A General Theory of Utility and Value

Kamen Mirkovich
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Kamen Mirkovich: University of National and World Economy, Sofia, Bulgaria

Nauchni trudove, 2005, issue 1, 3-72

Abstract: The paper argues the necessity of creating a general theory of utility and value as categories of value-oriented economic behavior of an individual. The author uses arguments of utility and marginal utility, well known in literature, and introduces the concepts of value and marginal value. It is argued that the marginal value theory cannot have less importance for economics than the significance attributed to the theory of marginal utility. The conclusion is reached that the functions (curves) of general utility and the general value of the varying quantity of a given wealth do not go back to a coordinated point of departure but to other points of the coordinate axes of crucial importance for the economic equilibrium of an individual. A relativist theory of value and utility is propounded which enables to combine both value and utility, as well as the marginal value and the marginal utility, in a non-contradictory microeconomic theory in complete agreement with modern economics. This is achieved by introducing relative utility and value units specific for each individual person. However, in the context of his/her economic subjective economic conduct they may be regarded as comparable and become the base for the units of economic equilibrium which, in their turn, serve as points of departure for a fundamental microeconomic analysis. The relativist theory enables to construct the curves of product demand and labour supply. Consequently, the paper postulates the concepts of surplus product, surplus utility (introduced for the first time in this study) and surplus value in micro-economics. The author’s principal goal is to prove the existence of surplus product, surplus utility and surplus value in economic life which are of relevance for the modern economic theory (economics) and should become and integral part of that science. Marx’ s theory of surplus product and surplus value is but a particular case of the argument the author is defending in the paper. The paper also puts forward a case for the existence of such concepts as marginal surplus product, marginal surplus utility and marginal surplus value.

Date: 2005
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