Category: conventions
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Inventing Value: theories of value
This is the first of four posts composed of extracts from the introductory chapter of my recent book Inventing Value (Cambridge UP, 2022). “The first step we must take in this journey is to confront the contentious concept of value itself. Existing understandings of economic value are dominated by two traditions of economic thought. On…
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Conventions and the value of financial assets
For mainstream economists, the prices of financial assets like shares and derivatives are determined by objective assessments of the future revenue streams that the holder of the asset is entitled to. But it is far more plausible to see them as the outcome of interactions between a variety of different financial valuation conventions, or lay…