Thus, we have shown that the curves are based on the causal chain Ux quality → when judging a model of currency economic calculus. A theory explains reality quantity, such as the equivalent economic concepts of in terms of the abstract, value utility ≡ ≡ that do not derive from prices nor costs causality is: need, “real ―the value → prices. Thus, theory of explains how in terms the utility of exchange “the” ―expressed of theory of value, from which we have deduced special theory of “the” “the” calculus, all represented in our intersecting curves, from where we obtain Ux the prices of the different expressions of wealth available. Then, point I ―explains human beings businessman, the consumer, the saver, the speculator― opts ―the according to these market prices, derived from the infinite valuations of utility, that can be observed with the statistics presented in the form of curves of supply and demand. We have demonstrated, no less, that in economics based on value, utility ―that of economic goods offer man― explains the but we cannot explain quantities quantities, value only with quantities. This is precisely what Juan C. Cachanosky (1994) referred to when he summarized Johns S. Mill’s in-caused contribution: to John S. Mill we know that a variation of produces changes in the “Thanks quantity’, and that a variation of produces changes in prices”. (p. ‘demanded ‘demand’ 83) Of course we have proven this with Menger’s logic, that Mill’s and Marshall’s do not prove, and that is why we use the term in-caused. UNIFIED ECONOMIC THEORY Now we summarize saying our unified economic theory as a synthesis of ―proposed micro-macroeconomic causality― consist of the conjunction of these two elements: Causally ordered theories: theory of value theory of prices general “The” → “the” → “the” theory of economic calculus→ special theory of currency “the” economic calculus. Order of theories that are subject to the laws of decreasing marginal utilities: Law of decreasing marginal utility of an economic good. Law of decreasing marginal utility of wealth. The history of economic thought presents two attempts or studies that pretended to explain, scientifically and/or intuitively, the relation of individual interest and that of all individuals. We refer to:
Thus, we have shown that the Ux curves are based on the causal chain quality → quantity, when judging a model of currency economic calculus. A theory explains reality in terms of the abstract, such as the equivalent economic concepts of value ≡ utility ≡ need, that do not derive from prices nor “real costs ―the causality is: value → prices. Thus, “the” theory of explains how the utility of exchange ―expressed in terms of “the” theory of value, from which we have deduced “the” special theory of calculus, all represented in our intersecting Ux curves, from where we obtain point I ―explains the prices of the different expressions of wealth available. Then, human beings ―the businessman, the consumer, the saver, the speculator― opts according to these market prices, derived from the infinite valuations of utility, that can be observed with the statistics presented in the form of curves of supply and demand. We have demonstrated, no less, that in economics value, based on utility ―that quantities of economic goods offer man― explains the quantities, but we cannot explain value only with quantities. This is precisely what Juan C. Cachanosky (1994) referred to when he summarized Johns S. Mill’s in-caused contribution: “Thanks to John S. Mill we know that a variation of produces changes in the ‘demanded quantity’, and that a variation of ‘demand’ produces changes in prices”. (p. 83) Of course we have proven this with Menger’s logic, that Mill’s and Marshall’s do not prove, and that is why we use the term in-caused. UNIFIED ECONOMIC THEORY Now we summarize saying our unified economic theory ―proposed as a synthesis of micro-macroeconomic causality― consist of the conjunction of these two elements: Causally ordered theories: “The” theory of value → “the” theory of prices → “the” general theory of economic calculus→ “the” special theory of currency economic calculus. Order of theories that are subject to the laws of decreasing marginal utilities: Law of decreasing marginal utility of an economic good. Law of decreasing marginal utility of wealth. The history of economic thought presents two attempts or studies that pretended to explain, scientifically and/or intuitively, the relation of individual interest and that of all individuals. We refer to: