Objective utility value theory

Author: Zheng Kezhong
Publisher:
Publish Date: 2003-08-01
Features: This book elaborates on a brand-new value theory—the Objective Utility Value Theory. Unlike the Labor Value Theory, which defines the essence of value as labor and categorizes value as a virtual object completely unrelated to human subjective needs, or the Marginal Utility Value Theory, which is built upon the erroneous assumption of variable utility, leading to a pure subjective idealist value theory, this book posits that the essence of value is utility—the usefulness or applicability of things to humans. The nature of value lies in the utility demand under exchange conditions. Therefore, the value (V) of any object is the relationship between human demand (D, expressed as a certain quantity of objective objects based on subjective needs) and another quantity of objective utility (U), which is essentially a comparative relationship between two quantities of utility. Expressed in a formula, it is: V = D/U.
The theory of value is the foundation of economics. The new value theory provides a theoretical basis for market-oriented economic reforms and also paves the way for constructing a political economy that meets the needs of the times. The book covers eleven chapters, including Value and Value Distinction, A Review of Value Theories, A Distinction Between Needs and Utility, Measurement and Comparison of Utility, the Theoretical Formula of Objective Utility Value Theory, Market Economy and Government Intervention, and more.