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March 2018

Towards a new theory of value

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. I call these standards lay theories of value, and this post introduces this concept.

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.