Contradictions of the Marginal Utility Theory of Value? Identifying Some Logical Errors

Milan Zafirovski

HISTORY OF ECONOMIC THOUGHT AND POLICY, 2024, vol. 2024/1, issue 1, 53-98

Abstract: This article engages in an exploration and identification of potential internal contradictions such as logical errors in the marginal utility theory of value. Specifi-cally, it explores and attempts to identify possible logical contradictions between certain integral elements and aspects of this theory. It first investigates and ana-lyzes potential logical contradictions between the ?law of satiable wants? and the ?law? of diminishing marginal utility within the marginal utility theory of value fo-cusing on its early formulations and later elaborations. It then explores and ana-lyzes possible logical contradictions between the status of marginal utility theory as a subjective or individualistic and as a psychological theory of value. It con-cludes that the marginal utility theory of value manifests certain internal contra-dictions in the form of logical errors.

JEL-codes: B1 B10 B13 (search for similar items in EconPapers)
Date: 2024
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