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Instrumental Valuation in a Democratic Society

Chapter

Abstract

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.

Keywords

Technological Progress Conventional Wisdom Democratic Society Life Process Mainstream Economist 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 1995

Authors and Affiliations

  1. 1.Department of EconomicsPennsylvania State UniversityUniversity ParkUSA

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