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The Logic of Value and the Value of Logic

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  • Kakarot-Handtke, Egmont

Abstract

Jevons composed his value theory of nonenties. These creatures are elusive. Subsequent formal refinements did not eliminate the fundamental flaw but made it only harder to detect. A vacuous formal structure is one that cannot be interpreted in some domain. For want of any correspondence in the monetary economy, Jevons’s approach could not produce viable results. Roughly speaking, Jevons made value dependent on subjective factors. This paper gives a rigorous formal proof that value is determined by objective conditions. Within the structural-axiomatic framework there is no formal spare room for the major behavioral nonentities utility, optimization, rational expectations, and equilibrium.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2014. "The Logic of Value and the Value of Logic," MPRA Paper 53877, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53877
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    References listed on IDEAS

    as
    1. Mark Obrinsky, 1981. "The Profit Prophets," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(4), pages 491-502, July.
    2. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; entity; nonentity; principles; exchange value; allocation; Jevonian interlude;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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