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In a broad sense, value theory is a catch-all label that encompasses all philosophical disciplines studying evaluative or normative topics. According to this view, value theory is one of the main branches of philosophy and includes ethics, aesthetics, social philosophy, political philosophy, and philosophy of religion. [4]
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 ...
The subjective theory of value (STV) is an economic theory for explaining how the value of goods and services are not only set but also how they can fluctuate over time. The contrasting system is typically known as the labor theory of value. STV's development helped to better understand human action and decision making in economics.
The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value .
The study of ethical value is also included in value theory. In addition, values have been studied in various disciplines: anthropology , behavioral economics , business ethics , corporate governance , moral philosophy , political sciences , social psychology , sociology and theology .
Theory of value is an ambiguous term, and may refer to: Theory of value (economics) , where value is meant as economic worth of goods and services Value theory , where value is meant in the philosophical sense
Value (economics), a measure of the benefit that may be gained from goods or service Theory of value (economics), the study of the concept of economic value; Value (marketing), the difference between a customer's evaluation of benefits and costs; Value investing, an investment paradigm
Extreme value theory or extreme value analysis (EVA) is the study of extremes in statistical distributions. It is widely used in many disciplines, such as structural engineering , finance , economics , earth sciences , traffic prediction, and geological engineering .