Sunday, 4 March 2018

Towards a new theory of value

Image result for road worn strat
Source: Wikimedia Commons

The value of a thing, as I argued in my last post, is the price it ought to exchange at. Different people may assess the value of a thing differently, but to reach agreement on values, they need to offer explanations of those assessments in terms that other people can find reasonable. Usually this means that they will need to invoke socially acceptable standards of value to justify their assessments.

Saturday, 3 March 2018

What is value?

Economics needs a theory of value, but the existing theories are thoroughly inadequate. In this post I briefly introduce the key elements of an alternative theory. This is the first output from a one year project on the construction of financial value, which has been kindly funded by the Independent Social Research Foundation

Image result for value
Source: R M Media Ltd