Published in journal "Trends and management", 2013-4 in rubric "Social management", pages 58-72.
Resume: This article reviews the problems of investigating the objective laws of economics and attempts to prove the view that the main economic law — the law of value — has two spheres of operation. A great educational benefit may be derived when analyzing the practice of socialism construction and the problems faced by the economics during that period, as it will help to see into the matter of economic laws and their effect, as well as consequences of their negation or poor interpretation. The thought which prevails in the considerations described above is that the laws have an objective character. However, the idea of the laws being either specific or general is doubtful, as well as the possibility of their limited operation. If an objective law exists, it can never be prevented from operation. The social laws probably face a number of deviating and counteracting factors, and do not provide instantaneous or automatic reaction to the situation. Supposedly, but not necessarily they have been mediated by vigorous human activity which significantly influence the processes and their results. Anyway, a certain perspective shows the objective economic necessity or law in its pure form. The author suggests that the overall equilibrium of economy can be achieved (and its crisis-free progress ensured) only provided that each of the spheres is balanced (the first one as a result of redistribution of property-related rights at the level of a business unit; the second one through the equivalent exchange on the market).
Keywords: objective laws, economics, law of value, marginal utility theory, labour theory, exchange, labour and property, market economy, overall equilibrium., planned economy
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