Download This PaperA Scarcity Theory of Value With Reflections on the Arrow Debreu Model
22 Pages Posted: 18 Feb 2021
Date Written: December 23, 2020
Abstract
Value theory is the foundation of economic theory. Marginal utility theory value is the dominant value theory. Arrow Debreu model, which is built on the utility theory of value, forms the mathematical foundation of general equilibrium theory. But Arrow Debreu model doesn’t describe economic reality well. We present a mathematical theory of the scarcity theory of value. It describes economic activities accurately. In particular, it explains the importance of monopoly in economic and social life.
Suggested Citation: Suggested Citation
Chen, Jing and Galbraith, James K., A Scarcity Theory of Value With Reflections on the Arrow Debreu Model (December 23, 2020). Available at SSRN: https://ssrn.com/abstract=3753885 or http://dx.doi.org/10.2139/ssrn.3753885
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