Additional General Manager (Retd.), Gujarat State Fertilizers and Chemicals Ltd. (GSFC), Vadodara, Gujarat, India
Value is a vital term of economics. Veteran economists of past and present have worked on it to determine its constitution. Passing through the historical works done by many thinkers and philosophers on value, one will learn that there are various theories to explain the profile and nature of value, but each one is with some controversy. Unfortunately debates on it remain endless. Looking to the points of debates on it, it seems that we need to review our path of basic understanding about value. Here an innovative attempt is made to reveal the realistic constitution of value. The use value is framed with three basic conditions. The use value is knowledge in the mind of man. The value is separated and made independent from the forms of value like exchange value, compound value, complex value, and others. Further to this, the use value is designated as prime source of the value. The value is explained with basic four conditions and simultaneous fulfillment of all the four conditions is mandatory for the existence of the value. The value is just a sense and feeling only. The use value and value are independent from the forms of value (exchange value, compound value, complex value etc). This constitution of the value will remove many controversies, arguments and counter arguments that actually are born from the absence of clarity about real constitution of the value in our mind.
Keywords: Use value, value, need, forms of value, compound value, complex value, exchange value, mock value.
JEL Classification: B14, B21, B24, B53, D46, P16, Z13.
Cite as: Harshad, D. (2022). The Constitution of Value. Financial Markets, Institutions and Risks, 6(2), 75-90. https://doi.org/10.21272/fmir.6(2).75-90.2022
This work is licensed under a Creative Commons Attribution 4.0 International License
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