The new theory of value

In this paper,by analogy with Newtonian mechanics, under the framework of mathematical economics paradigm, a new theory of value was constructed — compatible with the labor theory and the utility theory of value — to analyze the economic relationship between the force of labor, value and surplus value in the process of commodity production, and the economic relationship between the force of consumption and human demand, utility quantity and utility magnitude in the process of commodity consumption. This paper focuses on the basic concepts, basic dimensions, basic axioms, main conclusions and typical cases of the new theory of value. In the dimensional analysis, taking time, quantity and quality as the basic dimensions, this paper defines the derived dimensions of such basic economic concepts as demand, utility, labor force, value, currency, price, capital, surplus value, profit etc., which make all economic factors become commensurable objects. In particular, under the assumption of learning by doing and the factor of labor potential energy, this paper analyzes the internal logical relationship between the production of labor value and the creation of surplus value as time goes on, and further provides a solution to the problem of value transformation.