Towards the teleological understanding of economic value

Abstract

Suggests a new understanding of the category of economic value. According to this understanding, economic value is the unity of economic utility and economic costs. Interprets these categories of utility and costs as relative, and imminently implying one another. There exists a specific attitude of man towards the limited goods which are involved in his teleological activity. On the basis of this new understanding of economic value, attempts to give a new explanation of the law of increasing marginal costs, as the opposite form of manifestation of the law of diminishing marginal utility. Suggests an original interpretation of global and local criteria for optimum, and of an economic mechanism for comparison of costs and utility. Proposes many ideas which proceed from the teleological understanding of man’s activity and which are in harmony with the ideas and principles of econometrics.

Citation

Leiashvily, P. (1996), "Towards the teleological understanding of economic value", International Journal of Social Economics, Vol. 23 No. 9, pp. 4-14. https://doi.org/10.1108/03068299610124306