Every Theory is Incomplete and is Subject to Development

Penyu Mihaylov ()
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Penyu Mihaylov: Varna University of Economics

Business & Management Compass, 2013, issue 3, 27-37

Abstract: In the article there are discussed the unity and difference between the labour theory of value and the theory of marginal utility. The author is for the revival of political economy. Despite the criticism and hatred for the latter, it has not lost its significance to the analysis of economic processes in our contemporaneity. This holds true also of the theory of marginal utility. In this work there are shown the strengths and weaknesses of the two theories, their contributions to the development of economic thought as well as their trials through time.

JEL-codes: B2 (search for similar items in EconPapers)
Date: 2013
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