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Value, Market and Society. A Critical Review

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  • Mohsen Rezaei Mirghaed

Abstract

Value is the importance or worth that we ascribe to the possession of objects for the purpose of gratifying our needs. Objects of no importance have no value. On the other hand, importance is a relative measure depending on additional benefits of the objects for us. Since more relative benefits come from exchange than subsistence, markets are formed. In other words, the additional value gained as a result of exchange is the main cause of market formation. Therefore, additional value and market formation are the result of a social economic process in which exchange plays the central role.

Suggested Citation

  • Mohsen Rezaei Mirghaed, 2019. "Value, Market and Society. A Critical Review," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 5(2), pages 12-20, June.
    • Handle: RePEc:khe:scajes:v:5:y:2019:i:2:p:12-20
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    References listed on IDEAS

    as
    1. Arrow, Kenneth J, 1974. "General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice," American Economic Review, American Economic Association, vol. 64(3), pages 253-272, June.
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    More about this item

    Keywords

    Value; economic process; relative efficiency; exchange; market;
    All these keywords.

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design

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