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

Titolo Rivista HISTORY OF ECONOMIC THOUGHT AND POLICY
Autori/Curatori Milan Zafirovski
Anno di pubblicazione 2024 Fascicolo 2024/1
Lingua Inglese Numero pagine 46 P. 53-98 Dimensione file 198 KB
DOI 10.3280/SPE2024-001003
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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.

Keywords:contradictions, inference, logic, logical errors, marginal utility, marginal utility theory of value

Jel codes:B1, B10, B13

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Milan Zafirovski, Contradictions of the Marginal Utility Theory of Value? Identifying Some Logical Errors in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2024, pp 53-98, DOI: 10.3280/SPE2024-001003