THIS DOI METADATA WAS LAST UPDATED: 2024-07-23 11:35
Full Title
HISTORY OF ECONOMIC THOUGHT AND POLICY
Publisher
FrancoAngeli
ISSN
2240-9971 (Printed Journal)
2280-188X (Online Journal)
Journal Issue Number
1
Journal Issue Designation
1
Journal Issue Date
2024
Full Title
Contradictions of the Marginal Utility Theory of Value? Identifying Some Logical Errors
By (author)
First Page
53
Last Page
98
Language of text
English
Publication Date
2024/06
Copyright
2024 FrancoAngeli srl
Main description
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.
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