The principle of commodity utility and its equations

Jinjun Cheng and Cheng Dian

No 5t2hg, OSF Preprints from Center for Open Science

Abstract: "Das Kapital" points out that commoditieshave two attributes of value and use value at the same time,and describe both qualitatively rather than quantitatively. Theutility of commodities fundamentally comes from thefunctional attributes of natural things, and must rely on theuse value of commodities to play its role. People's behaviorof buying goods is based on the evaluation of the utility ofgoods when making the decision to buy goods. The processof evaluating the utility of a commodity when making adecision to buy it is essentially a process of comparing theirlabor efforts and obtaining happiness in their heart. Theequation of utility is: U= (1 / P) (Pm / W); the unit ofmeasurement is named "Om" (symbol in Sanskrit ॐ), is thereciprocal of the monetary unit "Tarrant" (symbol).Commodity utility theory of value and commodity labortheory of value are unified through the utility equation.

Date: 2023-09-08
New Economics Papers: this item is included in nep-ger and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:5t2hg

DOI: 10.31219/osf.io/5t2hg

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