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Marginal Utility and Marginal Value

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  • Kamen Mirkovich

Abstract

The necessity to develop a summary theory about utility and value as categories of value economic behaviour of the individual is justified. They are at the root of the economy and should be the beginning of each complete or fundamental economic research. The concepts for value and marginal value (which are subjective value and subjective marginal value at the level of a particular individual) are introduced and explained together with well-known in literature formulation of utility and marginal utility. A theory about marginal value could not be less important to the economic science than the theory about marginal utility. A conclusion is drawn that the functions (curves) of the total utility and the total value of a variable quantity of a certain good do not start from co-ordinates' beginning, but from other co-ordinate points, which is found to be crucial for the economic equilibrium of the individual. Formulations of value and marginal value are absolutely compatible with the modern economics.

Suggested Citation

  • Kamen Mirkovich, 2004. "Marginal Utility and Marginal Value," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 3-22.
    • Handle: RePEc:bas:econth:y:2004:i:6:p:3-22
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    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D20 - Microeconomics - - Production and Organizations - - - General

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