Los límites de la teoría dominante del valor

Abstract

This paper analyses the dominant theory of value proposed by Walras, which leads to a subjective theory of value with absolute use value, rareté, and exchange value constrained to a relative expression determined by the absolute ingredient, the rareté, accordingly the determinant of value is use value. This proposal of general equilibrium analysis got the boom in 1954 with prove of its existence posed by Arrow and Debreu; nevertheless, at the end of that decade this project begins to show its limitations in the field of disequilibrium with the criticisms of Koopmans (1957) and Scarf (1960). Later, Arrow and Hahn (1971) highlight the limitations of this general equilibrium theory, in terms of its lack results of general scope and finally, the dominant theory of value collapses with the contributions of Sonnenschein (1972, 1973); Mantel (1974 and 1976); and Debreu in (1974). In conclusion, the fundamental flaw of the dominant economic theory lies in the absolute nature of the subjectivity of value, use value; in effect, the fundamental axiom of economic theory is the theory of value.