The monetary pricing or assessment by a specific society at a specific time of a natural or artificial item.
While the fact is generally understated or ignored, economic value is obviously always the result of a dominant – but variable – cultural or social consensus, as shown for ex. by some extravagant speculation episodes, like the tulip craze in Holland some centuries ago.
Inversely, some material resources that were without economic value in the past, may acquire one as a result of some technological advance. The case of oil is a striking example. Genes are now similarly acquiring an economic value (D.F. VIVIEN, 2000, p.88).
According to VIVIEN, economic value can be considered from three different angles:
- value for what kind of use
- value for whom
- value for what time, i.e. present or some short or long time future.
However, the notion has many times a controversial relation with ethical and social value, much more difficult to assess. This may lead to deep and conflictive changes in social systems.
A case is the controversy about the value of the planetary ecosystem, or planetary commons, which pervades all debates about preservation or conservation of natural resources of all kinds.
- 1) General information
- 2) Methodology or model
- 3) Epistemology, ontology and semantics
- 4) Human sciences
- 5) Discipline oriented
To cite this page, please use the following information:
Bertalanffy Center for the Study of Systems Science (2020). Title of the entry. In Charles François (Ed.), International Encyclopedia of Systems and Cybernetics (2). Retrieved from www.systemspedia.org/[full/url]
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