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Value theory is the systematic study of values.Also called axiology, it examines the nature, sources, and types of values.As a branch of philosophy, it has interdisciplinary applications in fields such as economics, sociology, anthropology, and psychology.
Which value theory holds true divides economic thinkers, and is the base for many socioeconomic and political beliefs. [11] Silvio Gesell denied value theory in economics. He thought that value theory is useless and prevents economics from becoming science and that a currency administration guided by value theory is doomed to sterility and ...
In the subjective theory of value, the personal philosophic value a person puts in possessing something is reflected in what economic value this person puts on it. The limit where a person considers to purchase something may be regarded as the point where the personal philosophic value of possessing something exceeds the personal philosophic ...
One of the similarities between virtue theory and fitting-attitude theory is that they both approach the subject of value through an emphasis on the agent. [143] They are "agent-centred" rather than "act-centred" theories, but whereas virtues are defined purely as a disposition to act, fitting-attitude theory embraces the act as well within its ...
The basic premise is that economic activities can only be fully understood in the context of the society that creates them. The concept of "value" is a social construct, and as such is defined by the culture using the concept. Yet we can gain some insights into modern patterns of exchange, value, and wealth by examining previous societies.
Lycurgus (/ l aɪ ˈ k ɜːr ɡ ə s /; Ancient Greek: Λυκοῦργος Lykourgos) was the legendary lawgiver of Sparta, credited with the formation of its eunomia (' good order '), [1] involving political, economic, and social reforms to produce a military-oriented Spartan society in accordance with the Delphic oracle. The Spartans in the ...
Vernon Lomax Smith (born January 1, 1927) is an American economist who is currently a professor of economics and law at Chapman University. [1] He was formerly the McLellan/Regent’s Professor of Economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center. [1]
Classical economics focuses on the tendency of markets to move to equilibrium and on objective theories of value. Neo-classical economics differs from classical economics primarily in being utilitarian in its value theory and using marginal theory as the basis of its models and equations. Marxian economics also descends from classical theory.