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A value judgment (or normative judgement) is a judgment of the rightness or wrongness of something or someone, or of the usefulness of something or someone, based on a comparison or other relativity. As a generalization, a value judgment can refer to a judgment based upon a particular set of values or on a particular value system. A related ...
The Collapse of the Fact/Value Dichotomy and Other Essays. Harvard University Press. ISBN 978-0674009059. Silvestri P. (ed.), L. Einaudi, On Abstract and Historical Hypotheses and on Value judgments in Economic Sciences, Critical edition with an Introduction and Afterword by Paolo Silvestri, Routledge, London & New York, 2017.
Therefore, the drop in unemployment is, after all, the result of decreasing real wages and an accurate judgement of the situation by employees is the only reason for the return to an initial (natural) rate of unemployment (i.e. the end of the money illusion, when they finally recognize the actual dynamics of prices and wages).
The economic value or benefit of a commodity is the advantage it provides to an economic agent, often measured in terms of the money people are willing to pay for it. [124] Economic theories of value are frameworks to explain how economic value arises and which factors influence it.
Classical economists such as David Ricardo proposed a labour theory of value that states there is a direct correlation between the value of a good and the labour required to produce the good, concluding "The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the ...
Bergson argued that welfare economics had described a standard of economic efficiency despite dispensing with interpersonally-comparable cardinal utility, the hypothesization of which may merely conceal value judgments, and purely subjective ones at that.
The conceptual criticism concerns the concept of value itself. For Marx, economic value in capitalist society was an objectified social characteristic of labour-products, exchanged in an economic community, given the physical reality that products took a definite amount of society's labour-time to produce, for a given demand.
Which value theory holds true divides economic thinkers, and is the base for many socioeconomic and political beliefs. [11] Silvio Gesell denied value theory in economics. He thought that value theory is useless and prevents economics from becoming science and that a currency administration guided by value theory is doomed to sterility and ...