Instrumental Valuation in a Democratic Society
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There is no area in institutional economics more critical than the approach to value and the valuation process. At the same time, despite the many efforts which have been made to delineate the instrumental theory of value, and despite a common core of views toward instrumental valuation which are not really in dispute, the subject in many ways remains unclear and even controversial. This is particularly true if one attempts to push the implications of instrumental valuation as commonly expressed to their logical conclusion or to apply the theory in new areas. This paper is an effort to make a modest contribution toward clarifying some of these implications of instrumental value.
KeywordsTechnological Progress Conventional Wisdom Democratic Society Life Process Mainstream Economist
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