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Value theory is the study of values.Also called axiology, it examines the nature, sources, and types of values.It is a branch of philosophy and an interdisciplinary field closely associated with social sciences like economics, sociology, anthropology, and psychology.
In value theory, the study of ethical value includes the use of other disciplines, such as: anthropology, behavioral economics, business ethics, corporate governance, moral philosophy, political sciences, social psychology, sociology and theology.
Max Weber, the creator of this concept. Value-freedom is a methodological position that the sociologist Max Weber offered that aimed for the researcher to become aware of their own values during their scientific work, to reduce as much as possible the biases that their own value-judgements could cause.
Ethical value is sometimes used synonymously with goodness. However, "goodness" has many other meanings and may be regarded as more ambiguous. Social value is a concept used in the public sector to cover the social, environmental and economic impacts of individual and collective actions. [2]
The concept of value, like the concept of prices, is often used in a rather "loose" sense – referring to a cost or expense, a compensation, a yield or return, the valuation of a product, an asset, a service, a lease etc. The language of trade often does not make the social, legal and economic relations involved in trade very explicit.
The value of labor, in this view, covered not just the value of wages (what Marx called the value of labor power), but the value of the entire product created by labor. [ 18 ] Ricardo's theory was a predecessor of the modern theory that equilibrium prices are determined solely by production costs associated with Neo-Ricardianism .
[1] Second, something could have universal value when all people have reason to believe it has value. Amartya Sen interprets the term in this way, pointing out that when Mahatma Gandhi argued that non-violence is a universal value, he was arguing that all people have reason to value non-violence, not that all people currently value non-violence ...
In sociology and in economics, the term sign value denotes and describes the value accorded to an object because of the prestige (social status) that it imparts upon the possessor, rather than the material value and utility derived from the function and the primary use of the object.