2013 № 1

Dual approach to measuring value. Viability of practical application


The article focuses on the examination of the two contradicting value theories, one being elaborated by K. Marx and the other by U. S. Javons. In the course of investigation it has been revealed that the labour theory of value and the theory of marginal utility are not in contradiction but complementary to each other due to the fact that the value has two-fold nature, i.e. labour and utility of good; but in terms of labour input the theories have different application in practice.An attempt has been made to prove the assumption that productivity is the most adequate measure of value in production spheres with prevalence of traditional labour whereas the most appropriate measure for labour in innovative spheres is its up-to-date character. Consequently, measurement tools proposed by K. Marx and U. S. Javons such as time working hours (averaged quantity) and the degree of consumer satisfaction (marginal quantity) are feasible and applicable in different conditions of labour progress.

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Roman F. Mukhametlatypov – Graduate student, Assistant of the Department of Sociology of Labor and Economics of Entrepreneurship, Bashkir State University (Ufa, Russian Federation; e-mail: filorovich@gmail.com).