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:
“Nothing fortuitous happens in a child’s world. There are no accidents. Everything is connected with everything else and everything can be explained by everything else.... For a young child everything that happens is a necessity.”
—John Berger (b. 1926)
“Institutional psychiatry is a continuation of the Inquisition. All that has really changed is the vocabulary and the social style. The vocabulary conforms to the intellectual expectations of our age: it is a pseudo-medical jargon that parodies the concepts of science. The social style conforms to the political expectations of our age: it is a pseudo-liberal social movement that parodies the ideals of freedom and rationality.”
—Thomas Szasz (b. 1920)