The Contribution of the Austrian School to the Development of the Labor Theory of Value

V. Afanasiev.

Voprosy Ekonomiki, 2002, vol. 2

Abstract: (Addressing the Problem of Unity in Economic Science) The author continues the Russian tradition of synthesizing the labor theory of value and the marginal utility theory, which has been formed at the beginning of the 20th century. He shows that the process of forming socially-necessary labor, which determines the quantity value of a commodity, has two sides. Not only do commodity producers take part in this process by their labor, but buyers play a role by their appraisals as well. Meanwhile, the labor theory and the theory of utility, according to their respective ideological orientations, investigate almost exclusively only one side of this process. For this reason these theories, in spite of their inherent ideological opposition, necessarily supplement one another from a scientific perspective. The theory of utility, which studies the consumer's role in the market, has, in its two-century struggle (starting with the controversy of Say-Ricardo) against the labor theory, made an essential contribution to the development of the labor concept.

Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:2002-2-6

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