The Law of Conservation of Value

Nick Harkiolakis
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Nick Harkiolakis: Hult International Business School, USA

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: This book discusses the concept of value in economics and proposes a framework for incorporating value as a conserved quantity. In physics, energy, momentum, and other variables are preserved throughout the interactions of bodies in closed systems. The economic variable of value follows the same principle and is preserved throughout transactions between agents. By treating value as a quantity that can be accumulated and exchanged among actors and as an encapsulation of economic variables like utility and labor, the law of conservation of value was developed.

Keywords: Economic Value; Conservation of Value; Law of Value; Macroeconomic Value; Microeconomic Value; Government Economics (search for similar items in EconPapers)
JEL-codes: A10 D00 D63 E00 (search for similar items in EconPapers)
Date: 2025
ISBN: 9781800617438
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