Theory of value as an asset of economic science: the origins of political economy in the broadest sense

Abstract

The emergence of a new reality as Information Society and Network Economics has marked the beginning of global market transformations. Such transformations are conditioned by the latest technological advances and innovations in the sphere of information and communication but at their core, they involve the need for creative thinking about the new socio-economic picture of the world. An adequate response to the vital social demand is the formation of a relativistic economic theory. The logic of the Middle Way, as a classical institutional direction, is called upon today to form political economy in a broad sense through the economic value theory. The ideas about the subject and method of political economy in the in the broad sense as the theory of socio-economic relativity were substantiation updated in the works of K. Marx and F. Engels. However, the methodological foundations of positive relativism had been originally laid down in the science of economic and crystallized in the depths of its classical current. In the light of the classical value approach, the theories of Marxism and Neoclassical synthesis claiming to be the main ideological theories, were turned out to be marginal. The evolution of politic-economic orders of social life is value-conditioned. Its scientific comprehension as a historical process of the formation of value and price, deployment of a value genetic code (institutional constitution), that is, the architectonics of an economic system, is the lot of political economy in a broad sense. Accordingly, positively relativistic political economy in the narrow sense reflects the completeness of the value comprehension of the mission of public choice at each of the basic stages in the process of historical deployment of the being of institutional architectonics. Aristotelian creative insights associated with the recognition of the triple nature of economic value, the institutional architectonics of management, designed to shape the benchmarks for a virtuous social life, represent the core of genuine European values. Consistent value based analysis necessarily leads economic science to clarify the essence and laws of economic harmony, which is the equilibrium functioning and sustainable development of economic systems.