The Economy as a Process of Valuation (Hardcover)

Hardcover. This text looks at the potential benefits of concept and theory formation along dynamic, evolutionary and valuation for understanding economic processes. The book begins by examining instrumentalism, valuation and the process of valuation, arguing that to choose involves valuation and therefore participation in the valuation process. It then focuses on Coase's work on institutions and considers the implications for a variety of subjects including the theory of the firm, and the theory and policy of externalities. After a discussion by Warren Samuels of the concept of coercion, the authors then consider cost, including its definition and the role of structure, law and rights. Finally, Kennith Boulding's work on "The Image" is examined, arguing that definitions of reality and values derive in part, from language, especially images conveyed by it, which involves valuation. The Economy as Process of Valuation sheds new light on the potential benefits of concept and theory formation along dynamic and evolutionary lines for understanding economic processes. The emphasis is on aspects of the economy as a process of valuation rather than as a mechanistic result of forces yielding unique determinate results. Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability.…