2005•Journal of Shanxi Finance and Economics UniversityRequires access
A Brief Analysis of Value Theory of Economics
Bai Yun-wei
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Abstract
The value theory of economics can be classified into the materialist value theory, which includes the element theory, the labor theory and other schools of thoughts; and idealist value theory, which includes the utility value theory and the marginal utility value theory as its evolution form. The Marxist labor theory, based on the materialist logic, reveals the true nature of value and thereby gives a clear exposition of the scientific theory about the contradictions and laws of the social economic operation. The utility value theory and the marginal utility value theory, taking the idealist outlook of knowledge as a point departure for the analysis of value, vulgarly broaden the field and scope the study of economics with modern higher mathematic logic. Yet, there is something in their methodology that can be made use of.