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Every Theory is Incomplete and is Subject to Development

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  • Penyu Mihaylov

    (Varna University of Economics)

Abstract

In the article there are discussed the unity and difference between the labour theory of value and the theory of marginal utility. The author is for the revival of political economy. Despite the criticism and hatred for the latter, it has not lost its significance to the analysis of economic processes in our contemporaneity. This holds true also of the theory of marginal utility. In this work there are shown the strengths and weaknesses of the two theories, their contributions to the development of economic thought as well as their trials through time.

Suggested Citation

  • Penyu Mihaylov, 2013. "Every Theory is Incomplete and is Subject to Development," Business & Management Compass, University of Economics Varna, issue 3, pages 27-37.
    • Handle: RePEc:vrn:journl:y:2013:i:3:p:27-37
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    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925

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