Download this Paper Open PDF in Browser

The Logic of Value and the Value of Logic

20 Pages Posted: 23 Feb 2014 Last revised: 2 May 2015

Egmont Kakarot-Handtke

University of Stuttgart - Institute of Economics and Law

Date Written: February 21, 2014

Abstract

Jevons composed his value theory of nonenties. These creatures are elusive. Subsequent formal refinements did not eliminate the fundamental flaw but made it only harder to detect. A vacuous formal structure is one that cannot be interpreted in some domain. For want of any correspondence in the monetary economy Jevons’s approach could not produce viable results. Roughly speaking, Jevons made value dependent on subjective factors. This paper gives a rigorous formal proof that value is determined by objective conditions. Within the structural-axiomatic framework there is no formal spare room for the major behavioral nonentities utility, optimization, rational expectations, and equilibrium.

Keywords: new framework of concepts, structure-centric, axiom set, entity, nonentity, principles, exchange value, allocation, Jevonian interlude

JEL Classification: B59, D01, D61

Suggested Citation

Kakarot-Handtke, Egmont, The Logic of Value and the Value of Logic (February 21, 2014). Available at SSRN: https://ssrn.com/abstract=2399550 or http://dx.doi.org/10.2139/ssrn.2399550

Egmont Kakarot-Handtke (Contact Author)

University of Stuttgart - Institute of Economics and Law ( email )

Keplerstrasse 17
Stuttgart
Germany

Paper statistics

Downloads
48
Abstract Views
314