Marginal Utility Considered as a Return to Past Traditions

9 Pages Posted: 23 Jul 2017

See all articles by Richard Stomper

Richard Stomper

Illinois FOP Labor Council; Swiss Management Centre University (Switzerland); Universidad Central de Nicaragua

Date Written: May 15, 2012

Abstract

This paper examines the marginal utility as a theory of value in comparison with the theories which preceded it. It compares in detail the utility theory with the predominant theory of value of classical economics, a cost theory which saw labor as the ultimate source of value. By introducing a “subjective” element into the basic determinant of value, the marginal theory did more than just revolutionize the then current economic thinking. It was able to hark back to the best of the ancient theories of value which saw moral economic activity as necessarily involving an exchange of true value to the participants.

Keywords: marginal utility, labor theory of value, subjective theory of value

JEL Classification: B21,B11, B12, B13, B14

Suggested Citation

Stomper, Richard, Marginal Utility Considered as a Return to Past Traditions (May 15, 2012). Available at SSRN: https://ssrn.com/abstract=3007181 or http://dx.doi.org/10.2139/ssrn.3007181

Richard Stomper (Contact Author)

Illinois FOP Labor Council ( email )

5600 South Wolf Road
Western Springs, IL 60558
United States

Swiss Management Centre University (Switzerland) ( email )

Balz Zimmermannstrasse 7
Transknowlogy Campus
Zug, CH-8302
Switzerland

Universidad Central de Nicaragua ( email )

De los semáforos del Zumen 3 Cuadras abajo
1 cuadra al lago, Pista Juan Pablo I
Managua, 12104
Nicaragua

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