Transformation of the Theory of Value as a Necessity for the Formation of the Newest Paradigm of Economic Theory

Vladimir Shukyurov
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Vladimir Shukyurov: Kelley School of Business, Indianapolis, USA Kyiv

Economic Alternatives, 2024, issue 1, 161-175

Abstract: Since the transition of relations between market participants from exchange to trade, the need to determine the value of goods has arisen. The study presents a critical assessment of the current developed theories of value. The methodological basis of the study is the scientific works of the classics of economic theory, on the basis of which conclusions are drawn regarding the chronological change of value and labour. For the purposes of the study, the following methods were used: analysis and synthesis, logical abstraction, theoretical knowledge, systematization, abstract-logical and others. It was noted that the central factor in the formation of value is a person, and the main thing is his creative idea. It is explained that modern consumption is concentrated around the need for money. In this way, the classical understanding of need as a condition of human activity in the need for money is being replaced. Such a change is enhanced by information and digital approaches and involves the introduction of full control over the use of money at the level of an individual member of society. In the pedagogical practice of teaching economic fundamental disciplines, it is necessary to make a reorientation to a broad understanding of money as an equivalent of exchange and to present a detailed and elaborate concept of Gesellian money. In the future, this will make it possible to strengthen control over the system of state regulation through public institutions.

Keywords: economic theories; schools of economic thought; value of goods; equivalent product; labor theory of value (search for similar items in EconPapers)
JEL-codes: A13 B10 B13 B14 B19 B40 O15 (search for similar items in EconPapers)
Date: 2024
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