No price without value: towards a theory of value and price
基于批判实在论和估值社会学,提出价值是对事物应交换价格的看法,受非专业价值理论影响,进而影响价格形成,对理解市场定价机制有价值。
Abstract The relationship between value and price, a central focus of classical political economy, has fallen into the shadows of neglect in contemporary economics. This paper builds on a critical realist framework and findings from the economics of conventions and the sociology of valuation to develop a theory of value that returns to the relation between value and price. It argues that value is best understood as a view of the price that something ought to exchange at, and that these views are shaped normatively by a host of lay theories of value and the groups and organisations that advance them. Through their effects on our assessments of value, these theories also influence the determination of prices. Although prices in open systems are determined by many interacting factors, lay theories of value play a crucial role in the process.