Theories of Value: Difference between revisions
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*Kind of calculated in [[LCAs]] | *Kind of calculated in [[LCAs]] | ||
*Doesn't entirely potray reality, but it's a "good place to start" | *Doesn't entirely potray reality, but it's a "good place to start" | ||
==Labor theory of value== | |||
*This determines the value of something based off how many hours of work go into it | |||
*This was the main model used in traditional communist theory by Karl Marx etc | |||
*This isn't very effective in modern times, mainly due to [[Mechanization of Labor]] and now the emerging [[Automation of Labor]] (See [[Post Scarcity]] ) | |||
==Exchange/Monetary/Power Theories of Value== | |||
*Essentiall what it equals in another good, a currency, or political power (that last one is odd, need to find a good explanation or remove it? (assuming it means government control / propping up of indistries etc, but seems like a minor part of the whole picture/irrelevant?) ) | |||
*May provide some good data points? | |||
==Subjective theory of value and marginalism== | |||
*Kind of like "Truth is what the state says? but for value? | |||
*Essentially value is whatever the consumer thinks is valuable | |||
*Explains [[Fads]] / [[Artificial scarcity]] to a certain extent, but otherwise seems not too useful? | |||
=Internal Links= | =Internal Links= | ||
| Line 16: | Line 30: | ||
=External Links= | =External Links= | ||
*[https://en.wikipedia.org/wiki/Theory_of_value_(economics) The Wikipedia Page on Theories of Value] | *[https://en.wikipedia.org/wiki/Theory_of_value_(economics) The Wikipedia Page on Theories of Value] | ||
*[https://www.youtube.com/watch?v=8Lhgruor0Z0 A Tedx Talk at TEDxCrenshaw by "Areva Martin" Titled "What's the Profit in Nonprofits?" ] (It mainly is covering the "societal profit" vs a pure economic profit) | |||
[[Category: Business]] [[Category: Guiding philosophies]] | |||
Latest revision as of 23:06, 19 March 2021
Basics
- In order to calculate pay, price, and many other things in a system, there needs to be some sort of way to determine the objective "value" of something
- This is a debated issue in economics, and this page goes over the various proposed theories
- Actual Economist Help/Review Would Be Appreciated, If Reading This
List
Intrinsic theory of value
- Essentially what it takes to make something / the utility it provides once created
- Kind of calculated in LCAs
- Doesn't entirely potray reality, but it's a "good place to start"
Labor theory of value
- This determines the value of something based off how many hours of work go into it
- This was the main model used in traditional communist theory by Karl Marx etc
- This isn't very effective in modern times, mainly due to Mechanization of Labor and now the emerging Automation of Labor (See Post Scarcity )
Exchange/Monetary/Power Theories of Value
- Essentiall what it equals in another good, a currency, or political power (that last one is odd, need to find a good explanation or remove it? (assuming it means government control / propping up of indistries etc, but seems like a minor part of the whole picture/irrelevant?) )
- May provide some good data points?
Subjective theory of value and marginalism
- Kind of like "Truth is what the state says? but for value?
- Essentially value is whatever the consumer thinks is valuable
- Explains Fads / Artificial scarcity to a certain extent, but otherwise seems not too useful?
Internal Links
External Links
- The Wikipedia Page on Theories of Value
- A Tedx Talk at TEDxCrenshaw by "Areva Martin" Titled "What's the Profit in Nonprofits?" (It mainly is covering the "societal profit" vs a pure economic profit)