Historical aspects of the formation of the conceptual apparatus of the value theory in economic science

Abstract

The emergence and development of the concept of value in terms of certain historical stages of economics are investigated in this paper. It is also investigated that the concept of value is fundamental problem in economics and primary source for understanding the purpose and motives of economic entities, areas of consumption, distribution and the exchange of their resources and income. The objective of the investigation, is to assess on the basis of comparative analysis of the methodology of the main provisions and conclusions of existing concepts of value, their significance for the process of learning about the functionality and relationships of economic entities in the current economy. While investigating the conceptual positions of economists-scientists concerning the theory of value at different historical stages of its existence and development, theoretical general scientific research methods (formalization, synthesis, abstraction and logical generalization) are used. The evolution of the theory of value, from ancient times until such historical schools as mercantilism, physiocracy, English political economics, French classical bourgeois political economics, Marxism, and marginalism is considered in this paper. The study of the theory of value in economics makes it possible to determine that the main scientific paradigms prevailed in the theory of value are the labor theory of value and the theory of marginal utility. The problem of preserving the potential of traditional theories of value, and the preconditions on which they are based on, is considered. In addition, the logical and historical relationship between the concepts of value is investigated; the impact of different concepts of value on the process of the market economy relationship understanding is evaluated. The practical value of scientific work is that clearer understanding of the concept of value at the theoretical level makes it possible to solve practical problems in determining the amount of costs, their structure, and methods of calculation for businesses. It is investigated that the concept of value remains relevant in modern economics, as it is the basis for understanding such important categories as price, production costs, profits, etc., and the laws of value determine the behaviour in market economy. It is found that the value, covering all centres of the economy, determines the motives and goals of economic entities; promotes the efficient distribution and use of resources and income, sustainable growth of production, its balance; affects the whole complex of economic relations arising in the process of social reproduction of material and spiritual goods, their production, exchange, distribution and consumption.