Value Theory in Economics

Abstract

This chapter presents some conclusions from our analysis of the principles of the national accounts and the theory of value. The first section investigates the concepts of ‘utility function’ and ‘production function’, well known in the microeconomic realm. The second section deals with the concept of equilibrium, which needs to be refined beyond its microeconomic determination. The final section addresses what might be called a modern version of classical value theory, corroborating the claim that there are well-founded alternatives to the microeconomic analysis of value.