Connected Concepts
The theory of value is closely related to that of allocative efficiency, the quality by which firms produce those goods and services most valued by society. The market value of a machine part, for example, will depend upon a variety of objective facts involving its efficiency versus the efficiency of other types of part or other types of machine to make the kind of products that consumers will value in turn. In such a case, market value has both objective and subjective components.
In philosophy, economic value is a subcategory of a more general philosophical value, as defined in goodness and value theory or in the science of value.
Read more about this topic: Value (economics)
Famous quotes containing the words connected and/or concepts:
“I like to see a home like this, a home connected with people’s thoughts and work, things they love.”
—Dewitt Bodeen (1908–1988)
“It is impossible to dissociate language from science or science from language, because every natural science always involves three things: the sequence of phenomena on which the science is based; the abstract concepts which call these phenomena to mind; and the words in which the concepts are expressed. To call forth a concept, a word is needed; to portray a phenomenon, a concept is needed. All three mirror one and the same reality.”
—Antoine Lavoisier (1743–1794)