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The purpose of the research is providing the basis for the following hypothesis: the quest for enhancement of economic science and regaining its credibility in history of economic thought has led to innovations made by adherents of marginalism, institutionalism and unorthodox neoclassical economics. It marked the start of high-quality thinking on theory of value from the prospective of its marginalist and behavioral versions. The text demonstrates the orthodox character of cost-oriented approach in theory of value, used by fathers of political economy, whose conclusions on commodity value were connected either with labor costs or with total costs of production. It was revealed that the first-wave marginalist economics defined marginal utility as a key price-determining factor, and due to it value therefore can be created only in consumption. The research also found that the second-wave marginalists considered that there are two main elements, which determine price, these are: marginal utility and marginal cost. This conclusion enabled them to overcome the subjectivism and psychologism in theory of value. The supporters of behavioral approach in theory of value put an emphasis on psychologically-based behavior of an individual, as well as on legal foundations of institutional behavior. As a conclusion, the article states that marginalist and behavioral theories of value are rather feasible, as they complement each other and could be applied in modern economic conditions, enhancing the genuine credibility of the economic science.

Replacing Cost-Based Theories of Value with Marginalist and Behavioral as a Key Factor of Improving Economic Theory and Enhancing its Credibility