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:
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—Milan Kundera (b. 1929)
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—Antoine Lavoisier (1743–1794)